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When deciding whether to repair or replace your carpet, consider its age, the extent of the damage, and its location. It's often best to replace the entire carpet if the damage is extensive, such as large sections needing replacement, or if it's caused by water, which can lead to mold problems. Similarly, if your carpet is nearing a decade old, replacement is likely the more logical choice. On the other hand, consider repairing your carpet if the damage is localized to one spot, like minor rips or snags, the carpet is still relatively new, or the damage is in a low-traffic area of your home.

Decent carpet will last around 10 years on stairs. Some less durable carpets, like polyester, will only last five years on stairs. The ideal carpet, like wool or nylon, can last about 15 to 25 years. You’ll know when to replace it when it starts wearing down. You may have to replace it sooner if it's stained, whether due to water damage or pets.

The average cost to install new flooring is around $3,162, with a typical price range between $1,530 and $4,860. On a per-square-foot basis, you can expect to pay an average of $3 to $22, including installation. Several factors influence the total price, including the flooring material, project size, geographic location, and any special features. Material choice is a significant cost driver; vinyl plank, linoleum, and carpet are on the lower end ($3 to $7 per square foot), while stone, tile, and hardwood are more expensive, with hardwood reaching up to $22 per square foot. Prices can also vary by region, and installing flooring on stairs will add to the cost, typically ranging from $11 to $160 per step.

Experts advise that replacing carpeting can bring a 50% to 80% return on investment. However, new carpeting doesn’t necessarily add value to your overall home value. Because flooring value heavily depends on taste, it can be tricky to determine whether new carpet will increase your home sale price. Carpeting tends to be a renovation that increases overall comfort and aesthetics for your home, but it’s not a big factor in value.