Lets talk luxury vinyl plank, or LVP... This flooring product is the ultimate value product for homeowners.. There are many flooring products out there to choose from, and it boils down to what you as a homeowner want out of your flooring. Do you want extreme durability, waterproofing, eye appeal, and affordability? If you answered yes to any of these, LVP might be a great option for you.
Rentals: If you have a rental property, I would highly recommend LVP for your flooring product of choice. The durability will be able to withstand anything your tenants have to throw at it, even their pets. It is also very affordable to purchase and install keeping things simple, so your asset can continue to pay you. Students spill a beverage on the floors (maybe a margarita), no problem.. LVP has a non permeable surface that is resistant to liquid.
Pricing: LVP materials typically range from $2.75-$6.00 per square foot. The more expensive the product, usually the thicker, comes with a cushioning underlayment, and installs easier. Labor for LVP typically ranges from $2.75-$4.50 per square foot for installation.
It's not going to give you the quality and thickness of a true hardwood, or prestige of a engineered hardwood. However, it is going to give you peace of mind, durability, affordability, and last but not least, Value!