Refinish Floor Cost Basis Selling House

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.

Refinish floor cost basis selling house.

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. Much of the electrical system doesn t work and the bathroom tub has fallen through the joists. Improvements you make to your home may add to your cost basis. 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.

Assuming you are at a 28 percent tax rate you will save 500 28 140 in taxes for the year. Is it worth the cost and disruption to refinish them before selling. See professionally prepared estimates for floor refinishing work. Therefore you can claim 5 000 10 an expense of 500 each year for the next 10 years.

Selling a home in as is condition. 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. Flooringfrom laminate to carpet everything should be in good condition. Regular maintenance is an expectation of every homeowner its just cost of owning a home.

Replace torn carpeting or have it steam cleaned especially if you have pets. The cost to refinish floors starts at 4 43 5 89 per square foot but can vary significantly with site conditions and options. It has holes in the walls all the way to the exterior and urine soaked wood floors. The cost basis of your house is the original sales price of the house plus many of your settlement costs.

June 6 2018 written by paula pant. Our wood floors look worn. Get fair costs for your specific project requirements. Let s say the property in question needs a lot of work.

Refinishing wood floors can be a major undertaking when you re already settled in a home. 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. Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood.

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.