Home renovations allow homeowners to upgrade the functionality and aesthetics of their living spaces. But, such projects often come with high price tags that stretch remodel budgets thin. The global luxury vinyl plank market size is to gain momentum backed by the growing demand for scratch-resistant flooring in the construction sector and the rising refurbishment activities worldwide. When looking to balance renovation wish lists with affordability, luxury vinyl plank flooring (LVP) emerges as a cost-effective solution worth considering.
What is Luxury Vinyl Plank Flooring?
LVP mimics natural materials like wood or stone with added durability. A vinyl core with photographic prints and a protective coating creates realistic finishes. It’s waterproof and ideal for high-traffic areas. Advanced printing technology gives premium surface looks at a lower cost.
Cost Comparison: LVP vs. Traditional Flooring
Average Cost Per Square Foot
$6 – $15
$8 – $20
Luxury Vinyl Plank
$2 – $5
$1 – $5
On average, LVP flooring costs 20-30% less than hardwood, offering significant savings.
In comparison to tile, LVP can save homeowners up to $1,500 in professional installation expenses.
With pricing comparable to laminate but enhanced durability, LVP offers more long-term value per square foot.
Installation and Labor Cost Considerations
A key component of assessing flooring affordability is the cost of installation. LVP allows homeowners to:
Save $1,000 to $3,000 on labor by installing LVP themselves.
Spend as little as $700 total on materials and tools for installation.
Or, professional LVP installation costs:
$2 – $5 per square foot for straightforward layouts.
$5 – $10 per square foot for complex patterns or custom designs.
DIY Installation – Savings and Requirements
DIY installation of luxury vinyl plank (LVP) flooring can lead to substantial cost savings, with materials costing as low as $700 for homeowners with basic skills and tools.
Savings on labor can range from $1,000 to $3,000 depending on the flooring job’s size compared to hiring professional installers.
Have tools: utility knives, tape measure, jigsaw, tapping block, pull bar, and hammer.
LVP installation is easy but needs demolition, subfloor prep, measuring, cutting leveling, and seam finishing.
The time commitment varies from 2 days for a small room to 5+ days for an entire first floor.
DIYers should watch online tutorials, read product documentation, and plan before starting the installation. Patience and attention to detail are key. Identifying potential challenges ahead of time makes the project more manageable.
Hiring a Professional LVP Installer
Homeowners paying professionals for luxury vinyl plank (LVP) flooring installation can expect costs ranging from $2 to $10 per square foot. The average installation cost is around $4 per square foot.
When requesting quotes, inquire about the contractors’ specific training and certification in LVP installation. Ensure that they adhere to manufacturer guidelines for subfloor preparation and installation techniques.
Get 2-3 quotes to compare pricing, timelines, crew size, warranty terms, and reviews from previous LVP clients.
Confirm with the contractor that they will handle moving appliances/furniture, demolition, subfloor patching, or levelling before the scheduled install date. Some extra fees may apply but this ensures proper prep for lasting results.
Enhanced Durability and Life Expectancy
Beyond initial product and installation costs, assessing the long-term return on investment is key to identifying cost-effective flooring. Here, LVP also shines,
Exceptional durability: With scuff, scratch, stain, and dent resistance, LVP withstands heavy residential traffic.
Long product warranties: Many LVP options offer 20 to 25-year residential warranties on wear and performance.
Decades of use: Barring excessive damage, LVP can last 30 years or longer with proper care and maintenance.
Low-Maintenance, Easy DIY Repairs
LVP requires little regular upkeep. It has exceptional durability and stain resistance. This translates to maintenance cost savings. Its ease of repair also saves homeowners money over time.
Easy cleaning: Low-maintenance LVP only needs occasional sweeping, mopping, and damp wiping.
Convenient repairs: Damaged LVP planks can move out without removing entire floors.
Affordable fixes: With planks averaging $1 – $5 each, repairs need smaller investments than full floor replacements.
For minor scratches or scuffs, homeowners can use filler wax and buffing pads to renew LVP’s aesthetic without replacing planks. LVP’s waterproof structure prevents warping or water damage. This feature is crucial in case of major flooding or excessive moisture.
Production and Recyclability
For the environmentally-conscious homeowner, LVP aligns affordability with sustainability:
Some LVPs contain recycled materials like plastic bottles or bags.
Advanced printing technology allows realistic stone and wood designs without over-harvesting natural resources.
Products meeting FloorScore standards have low VOC emissions for indoor air quality.
And when it reaches end-of-life, LVP is 100% recyclable in speciality facilities.
1. Is LVP suitable for high-traffic spaces like kitchens and entryways?
Thanks to exceptional durability and scratch resistance, quality LVP products can withstand years of heavy residential traffic, including footsteps, rolling carts, pet nails, falling keys, and more. LVP stands up to the demands of busy households.
2. Can LVP installed over existing floors?
In some cases, yes. LVP sometimes can be installed over existing tile, vinyl, wood, or concrete surfaces if prepared. But, unevenness or improper cleaning can hinder adhesion. Consulting a flooring specialist is advisable.
3. How do quality and cost relate to LVP flooring?
High-end LVP offers durability, unique designs, and longer warranties, while affordable options still deliver stunning designs and impressive performance. Costs vary, allowing homeowners to choose based on their budget and preferences.
Luxury vinyl plank (LVP) flooring gives your home the appearance of real stone, hardwood, or tile but costs much less. The global vinyl flooring market size at USD 23.16 billion is to register a compound annual growth rate (CAGR) of 5.2% during the forecast period. It’s a great choice for homeowners who want a stylish and affordable option for their renovations. If you’re looking to make your home look beautiful without spending too much, LVP flooring is a smart consideration.