How to Buy Flooring

floors, flooringLet’s talk about how you’re going to pay for your flooring. Assuming that you have an estimated budget, are you going to pay for materials, supplies, and tools from cash savings, by credit, from a second mortgage or refinance of your first mortgage, or a from combination of resources?

Many building material suppliers will offer you at least a 2 percent discount for paying cash. All you have to do, in most cases, is ask for it. That’s a $20 savings on a $1,000 materials bill -- and $100 savings if you buy $5,000 in materials. Sometimes you can get a larger discount by shopping cash-and-carry stores (no credit cards accepted) or simply by planning ahead and shopping semi-annual storewide discount weekend. For example, one building materials retailer promotes a 15-percent-off weekend in the winter and summer that covers everything they sell. Buying $3,000 in flooring materials and supplies that weekend can cut the bill by $450! Cash only. Plan ahead and save some big bucks. 

For many homeowners, the new flooring project coincides with a home remodel or at least a few other home projects rolled up into a first or second mortgage. Many lenders are happy to help you finance home remodeling projects because your work adds value to the home. Of course, you’re financing the project over a long period so you’ll eventually pay more in interest than the amount of money that’s borrowed. Mortgages are good because the interest may be tax deductible if you itemize deductions on your federal income tax forms. Second mortgages are so popular with homeowners who want to remodel that they are frequently called remodel loans.

Smart Flooring

Set up a spreadsheet on your computer for tracking estimates as well as material costs, tool rental, and other expenses. In fact, you can use a spreadsheet to make cost comparisons between material suppliers.

Pro Tip

You can often get a 10 percent discount on materials by simply asking the department or store manager for it¾especially if you’re buying a large quantity in a single order.

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