Designed to withstand moisture, engineered hardwood can be installed below-grade (in basements, for example) without the warping and buckling common to solid hardwood flooring. However, it can't be easily refinished, although pre-finished floors generally last a long time.
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Rot and Ravages of Moisture? when yo take a look at hardwood that has been installed in the proper way, according to the right standards you will never have thos kind of problems.