Refinish Floor Cost Basis Selling House

Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood.

Refinish floor cost basis selling house. Much of the electrical system doesn t work and the bathroom tub has fallen through the joists. When i am asked to sell a fixer upper more often than not you would not go in and replace all of the floors unless other improvements were going to be done to the home as well. Is it worth the cost and disruption to refinish them before selling. The average cost to refinish hardwood floors is 3 75 per square foot with most homeowners spending between 3 and 5 per square foot to have their wood floors sanded stained and finished.

The cost to refinish floors starts at 4 43 5 89 per square foot but can vary significantly with site conditions and options. We will also assume straight line depreciation meaning the cost will be spread out evenly over the 10 years. June 6 2018 written by paula pant. The cost basis of your house is the original sales price of the house plus many of your settlement costs.

The most important things to repair before selling a house. See typical tasks and time to refinish floors along with per unit costs and material requirements. Flooringfrom laminate to carpet everything should be in good condition. Get fair costs for your specific project requirements.

Cost to refinish hardwood floors. Let s say the property in question needs a lot of work. It has holes in the walls all the way to the exterior and urine soaked wood floors. Improvements you make to your home may add to your cost basis.

All the faucets leak. Treating floor refinishing as maintenance when you want to expense it but treating it as an improvement when you want to use it in the basis seems like trying to have it both ways. For instance if the home has a kitchen from the 1970 s will yellow formica counters and original appliances it wouldn t make a lot of sense to add beautiful new. See professionally prepared estimates for floor refinishing work.

Assuming you are at a 28 percent tax rate you will save 500 28 140 in taxes for the year. Selling a home in as is condition. Regular maintenance is an expectation of every homeowner its just cost of owning a home. To completely refinish a hardwood floor including sanding down the top layer to bare wood then applying several coats of new finish like polyurethane expect to pay flooring professionals 1.

A 20x16 320 square foot living room floor will cost about 1 230 to refinish while a 12x12 144 sf bedroom floor will cost about 540 to refinish. Replace torn carpeting or have it steam cleaned especially if you have pets.