How Much to Upgrade to Hardwood Floors?

Flooring

• The grade and species of wood you choose will have the greatest impact on your overall price. There are over 1,000 different types of wood flooring to choose from, ranging from less expensive bamboo flooring ($4/square foot, 2011) to more extravagant exotic woods ($13/square foot, 2011).

Labor

• Installing wood flooring is not a job for a novice handyman. Hardwood flooring will last the lifetime of the home, so it is important that it is installed correctly. Expect to budget 50 to 60 percent of the project to labor and installation, according to Don Bollinger, author of "Hardwood Floors." Installing hardwood flooring is tedious and time-consuming, which increases the labor cost.

Additional Costs

• Upgrading to hardwood flooring is a straight-forward project, but hidden costs can catch you unaware. Don't forget to estimate the cost of a decorative trim or border. Also, there will be additional fees from the contractor for floor removal or moving your furniture. Your estimate may also be higher if the room has stairs or is odd-shaped.

Economical Alternatives

• If you are not ready to make the financial commitment to hardwood, then engineered hardwoods may be an economical alternative. Engineered hardwoods are planks of plywood with a layer of hardwood on top. You receive the many of the benefits and appearance of a hardwood floor for a fraction of the price. However, the flooring can only be refinished a few times.