Flooring

Flooring projects are an excellent way to combine aesthetics and functionality on the property. When undertaking such projects, it is essential to consider the plethora of flooring materials available, the unique benefits of each type, and how to pay for them.

A thorough understanding of the various types and styles of flooring can help you make the right choice for your unique setting. Meanwhile, we at Renofi are here to offer the smartest financing option to fund your desired floor plan and bring your dream to reality.

This article discusses the A to Z selection process and financing options for flooring projects. We discuss every detail you need to know to make the most of this home improvement project without spending a fortune.

Understanding the Different Types of Flooring

Installation of new flooring requires considerable time and expense. For this reason, it is important to select an option that not only aligns with your lifestyle but also can withstand the test of time.

With a myriad of materials, such as hardwood, carpet, and tiles, available, selecting the right type can be a daunting task. To help make this easier, here’s a rundown of the most popular flooring materials and how they compare in terms of cost, comfort, and durability.

Hardwood Flooring

Hardwood floors are regarded as the top choice for floor covering. This type, composed of solid wood species like classic oak, maple, and Brazilian cherry, is easy on the eyes and the foot. Hardwood floors have a timeless elegance that pairs well with most decor and furnishings, boosting the home’s aesthetics and resale value. 

The durability and longevity of this type of flooring make it much sought-after by homeowners and buyers alike. The material is extremely strong and sturdy and can withstand regular wear and tear. With the proper care and maintenance, hardwood floors can last for several decades without needing replacements!

However, installing and maintaining hardwood flooring is significantly pricey. Generally, its installation can cost anywhere between $6 and $12 per square foot, and the occasional cleaning, refinishing, and resanding processes contribute more to the overall expenses. 

Additionally, hardwood is easily scratched and dented when used in high-traffic areas. The material is susceptible to water damage, making it an ill-fitted choice for bathrooms and laundry rooms.

Tile Flooring

Tile is another popular flooring choice. It is mainly used in kitchens, bathrooms, and laundry rooms. This type comes in various designs, textures, and colors, from intricate geometric patterns to porcelain slabs. 

The most prominent benefit of investing in tile floors is their resistance to moisture and heavy foot traffic. This resilient material is not easily damaged by stains, scratches, moisture, or humidity, making it an apt choice for busy and damp areas. 

In contrast to hardwood floors, which require frequent maintenance, tiles are relatively easy to clean and maintain. Moreover, their cool surface helps provide a comfy underfoot feeling in hot spaces.

The average price for tile flooring varies between different types. For example, ceramic tiles cost between $2.50 and $3.50, porcelain between $3 and $10, and natural stone between $5 and $15 per square foot. 

In addition, tile installation is a complex and labor-intensive process that requires precision and expertise. However, adhesive options and advanced grout help simplify the installation to a certain extent.

Laminate Flooring

Laminate flooring offers the timeless elegance of wood and natural stone for a fraction of the cost. It is constructed from composite wood that is pressed together to give the platform the feel and appearance of real hardwood. 

While lamination doesn’t offer the same longevity as hardwood, it is still a durable material that lasts about 10 to 25 years. Unlike hardwood, it is easy to clean and only requires occasional sweeping and mopping for its upkeep. 

Laminate flooring costs start at $2 and go up to $8 per square foot, making it one of the most cost-effective flooring solutions. Its simple installation and click-and-lock mechanism make installation an easy and quick DIY project.

On the downside, laminate is not resistant to moisture and can swell if water spills are not cleaned up immediately. It also comes with limited refinishing options and needs to be replaced once it becomes damaged or worn out.

Vinyl Flooring

Like laminate flooring, vinyl flooring comprises several material layers pressed together to replicate high-quality finishes like marble, ceramic, and hardwood. This synthetic material usually combines durability and functionality with polyvinyl chloride plastic (PVC). 

Vinyl flooring is incredibly resistant to water and comfortable for the foot. It is easily installed and available for a low price of $2 per square for sheet vinyl and $6 per square for luxury vinyl planks and tiles.

Carpet Flooring

With plush softness and remarkable sound absorption, carpet flooring is the most comfortable type of floor cover. It is made from woven fiber, offering a cozy, non-slip surface in various patterns, textures, and colors.

Moreover, carpets are excellent at retaining heat and are ideal for properties located in colder climates. They also help hide subflooring, and cushion falls if aging parents or young children are home. 

Installing carpets can cost anywhere between $2.50 to $10 per square foot. Generally, carpets can last for 10 to 15 years if they are periodically vacuumed and cleaned. 

However, remember that they are easily stained and damaged by moisture. Carpets can also trap allergens such as pollen and dust, making them hazardous for people with allergies.

Picking Out the Right Type of Flooring: Factors to Consider

Different types of flooring have advantages and limitations. To maximize this home improvement project, it is important to ensure that the flooring you choose strikes the right balance between functionality and the aesthetic you want. 

Comparing key considerations such as the initial cost, durability, and maintenance helps you make an informed decision during selection. Here’s a brief overview of the factors that can make or break a specific type of flooring’s suitability for your property.

Installation Costs

Installation cost is one of the most pivotal considerations when purchasing flooring for your property. Make sure that the per-square-foot price of the floor covering falls under your budget and aligns with the brand’s name and quality. 

The ease of the installation process also significantly impacts the initial costs of a particular type. If you are planning to DIY the project, look for a covering that doesn’t need extensive preparation and instead, is designed for a simple and fast click-lock installation. 

Meanwhile, if you insist on going with something more complex, we suggest you hire an expert to install the flooring without exhausting your time and effort.

Durability and Maintenance

Durability and maintenance help estimate how long the flooring can continue working before needing to be replaced. Compare the durability by seeing which type can withstand heavy foot traffic without leading to scratches, stains, or dents. 

Waterproofing capabilities are also essential if the area where you are installing the floor is frequently exposed to moisture and water spills. Next, analyze the maintenance requirements and see if they only need occasional mopping, sweeping, or expensive refinishing every few years.

Energy Efficiency

The perfect floor covering leads to long-term savings by making your home energy efficient. Its insulation properties regulate the indoor temperature and decrease the amount otherwise spent on heating or cooling the area.

Environmentally conscious buyers prefer to purchase materials crafted using eco-friendly, responsible practices. To ensure sustainability, verify if the product features recyclable materials or leads to wastage before proceeding with the purchase.

How to Finance New Flooring Projects

As with most home improvement projects, adding or replacing flooring can be expensive. The expenses involved in its installation, materials, supplies, and tools contribute dramatically to the project’s overall cost. 

However, with the various financing options available, property owners without sufficient cash can also invest in and benefit from the flooring projects. That said, here are the most popular ways to pay for the expenses of your latest floor coverings that don’t need you to pay a huge sum directly out of pocket:

Credit Card

While making massive purchases on your credit card close to your limit can negatively impact your credit rating, credit cards are a good way to finance flooring projects. They do this by significantly boosting the property’s return on investment. 

Credit cards have a standard interest rate that, on average, is about 25% or higher, depending on the deal selected. Some cards also provide a promotional offer during which the interest is dropped down, going as low as 0% in some cases. However, the promotional offer lasts for a limited interval, after which standard charges are applied. 

Using a credit card as a financial tool for flooring is an ideal choice if you don’t want to pay in cash and are willing to pay up to 20% more than the total project cost. Remember to look for companies with competitive interest rates, extended payment terms, and affordable monthly payments to give you the purchasing power for any flooring you like.

Home Improvement Loans

Loans are another popular financing option for home renovations, including flooring. To qualify for a home improvement loan, the lender runs a credit check and ensures that the property owner’s score lies within the acceptable rate. The credit score is also used to determine the interest rate and duration of the loan. 

Home improvement loans are usually used for smaller projects and could be secured or unsecured, so you won’t be required to put your home as collateral before you can begin receiving payments. 

Home improvement loans generally have much lower interest rates, making them a much better alternative to credit cards that often have much higher interest rates attached to them. In addition, some lenders also offer a 0% promotional rate for a specific period before increasing it to a higher rate that is continued until the entire loan is paid off.

Other loans or credit lines, such as HELOCs, are based on your property’s built-up equity. While traditional loans focus on the existing value of your property and current mortgage amount, RenoFi loans actually take into account the after-renovation value, providing you with much more borrowing power. 

For example, suppose your home is currently valued at $500,000, and the outstanding mortgage balance is $400,000. You are planning a renovation, such as installing new flooring, that is expected to raise the value of your home to $640,000. Based on your current loan-to-value ratio of 80%, you can’t effectively get funding for the renovation project. 

A RenoFi loan is based on the property’s after-renovation value and allows you to go as high as 150% or 90% LTV. So, in this example, while a standard home equity loan provides a purchasing power of $0, a RenoFi loan allows you to borrow up to $176,000!

Conclusion

Whether you are remodeling the entire house or renovating a single room, installing new flooring is a great way to revamp the space. Choose between hardwood, laminated, tile, or other flooring materials based on your taste, decor, and durability needs. 

Next, explore the various financing options available to finance this project and opt for the scheme that best suits your budget and current situation. RenoFi loans are the smartest way to finance a home renovation project. Unlike traditional loans, which are based on your current home value or require you to refinance your primary mortgage and give up your low rate, RenoFi loans are based on the after-renovation value of your home. This allows you to borrow, on average, 11x more, get a low monthly payment, and keep your low rate on your first mortgage.

Learn more about RenoFi’s borrowing power and how it can breathe life into your flooring dreams. Then, get started on the loan application process right away!