Also, how much does wood flooring cost (on average), compared to carpet, for a standard 12 x 12 room? Thanks!
Maybe you could take a minute and look it up yourself. Prices will vary depending on type and quality of flooring and installation costs.
Tear up the carpet... maybe you already have a nice floor underneath.
Cost varies tremendously based on what you want. I've found salvaged wood for $1/sq ft. 12x12 isn't very big, so you can probably afford something decent. A big cost will be installation, unless you rent equipment and do it yourself, which I wouldn't recommend. Avoid laminate flooring whatever you do.