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Hardwood flooring costs between $6 to $12 per square foot on average. The main factors that determine the price include material and labor costs. ( Shutterstock )

Adding hardwood flooring is a top home improvement project. In fact, 80% of homeowners say hardwood floors add value to their homes, according to a survey by the National Wood Flooring Association.

But value doesn’t come cheaply. The national average for hardwood flooring ranges from $2,486 to $6,760, according to research by HomeAdvisor. 

A cash-out refinance can be a way to pay for a hardwood installation. And if you want to get an idea of how much a cash-out refinance might cost you, Credible is a good place to start. With Credible, you can compare mortgage refinance rates from multiple lenders in minutes. 

The average cost for hardwood flooring depends on many factors, including your material selection, material costs, labor for installation, delivery and disposal charges, the size of your project, and any repairs needed to the existing subfloor. 

And where you live has the greatest impact, because it can affect the cost of all the other factors that make up the total cost of your hardwood floor installation.

Based on cost survey information from homeowners who used HomeAdvisor to find professional hardwood floor installers, the average per-square-foot cost is 

$6 to $12. High-end jobs may run as high as $13 to $25 — or more — per square foot. 

Several factors affect hardwood flooring costs, including the method of installation, whether molding and trim are included, if the wood is prefinished or traditional, and more. 

Engineered wood is generally less expensive and also costs less to install. It’s made up of a layer of thicker veneer and sheets of plywood underlayment to enforce stability and durability. Once installed, it looks like real hardwood. 

You can expect to pay these prices for engineered hardwood, according to Home Depot:

Hardwood choices are numerous. Some, like pine, white ash, mahogany, and maple, have subtle patterns, while others, like oak, tigerwood, and hickory, can vary quite a bit in color. You can also choose varying plank widths. 

Hardwood flooring requires installation over a wooden subfloor, which increases the cost if your subfloor is concrete or tile. Home Depot says hardwood flooring can cost:

While the type of wood you choose affects your total cost, it’s far from the only factor to consider. You should also take into account:

Besides using your personal savings to pay for the hardwood flooring in your home, you might consider several financing options, including: 

If you’re considering a cash-out refinance, it’s a good idea to comparison shop for the best refinance rates available to you. With Credible, you can compare mortgage refinance rates from multiple lenders in minutes — all without affecting your credit.

People choose to use their home’s equity to fund home improvement projects for many reasons. It allows you to refinance your mortgage, get a lower rate, and the money you need for projects. Increasing your home’s value can add to your equity and make it easier to recoup the investment of new hardwood flooring when you sell your home. 

Several tactics can help reduce the cost of hardwood flooring and hardwood floor installation costs, including:

Generally, experts agree that hardwood flooring is a good investment for homeowners. 

In fact, refinishing or installing new wood flooring are the home improvement projects with the highest return on investment, according to the National Association of Realtors® 2022 Remodeling Impact Report. Refinished hardwood floors yield an ROI of 147%, and new wood floors recover 188% of their costs, the report found.

People who installed new wood floors said they enjoyed their homes more, felt a major sense of accomplishment, and wanted to spend more time at home since completing the project, according to the report.

If you’re ready to tackle a hardwood flooring installation, refinish, or other home improvement project, Credible can help you get started looking for the cash-out refinance lender that’s right for you.

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions.  Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

This material may not be published, broadcast, rewritten, or redistributed. ©2022 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy