Homeowners seeking the right flooring option for their property will often turn to hardwood because it looks great, maintains its appearance when properly cared for, and fits in with just about any decor. But hardwood flooring is not inexpensive and with an average cost of roughly $4,500 to install a wood floor, many consumers turn to hardwood flooring financing options to help them pay for their desired renovations. Before you can start to explore your options in that department, you should consider the many options available for hardwood flooring materials and installation to get a more accurate picture of how much it will cost to get the job done right.
Financing for Flooring
In order to know what kind of cost you’re facing for a flooring job, you must first consider the cost per square foot. That includes knowing what the job will run you per square for materials and for installation. As you explore those prices you’ll want to compare the two main different types of materials available, traditional wood and engineered wood. Each one will determine what kind of financing you’ll need should you decide to apply for a floor loan.
Traditional boards or planks will vary in cost based on the type of wood you select. Common wood types like pine could run you about $3 to $6 for each square foot in material cost and an additional $3 to $5 per square foot in installation expenses. Then you have the option of going with something a little more durable such as oak or teak and these can run about $5 to $10 per square foot with an installation cost of $4 to $8 per square foot. Finally, there are the exotic wood types like mahogany or Brazilian walnut that can cost $8 to $14 per square foot with a similar installation cost of $4 to $8.
Engineered wood is manufactured by bonding a wood veneer to a number of low-cost wood layers to create a durable plank that offers better heat and moisture resistant qualities than solid, traditional hardwoods. The low cost version of these manufactured materials can run about $3 to $5 per square foot and anywhere from $3 to $10 for installation. The upgraded versions can be about $5 to $13 per square foot in material costs with installation running you anywhere from $4 to $10 per square foot.
Hardwood Flooring Financing
Depending on the area in which you reside and the complexity of your flooring job, installation costs can get incredibly expensive. Many consumers will consider applying for a floor loan to help them pay for this type of home improvement job. There are a number of lenders who deal in the unique world of flooring financing and consumers have almost as many viable options for finding the right financing for hardwood flooring as they do the flooring itself.
Financing Hardwood Flooring
Once you determine how much your job is estimated to cost, you can begin seeking out the lender, the loan amount, and the term that is right for you. Some consumers will elect to apply for a loan that will pay off the total cost of the flooring job while others may finance flooring costs up to a certain number and cover the rest of it out of pocket. Every consumer is different, every flooring job is different, which is why there is a wide range of flooring financing options available to fit everyone’s needs. It’s easier than ever to apply and you could be approved in hours instead of days, so you can get started on putting in the new flooring that will beautify your home for years to come.