Refinish Floor Cost Basis Selling House

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.

Refinish floor cost basis selling house. 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. Flooringfrom laminate to carpet everything should be in good condition.

Cost to refinish hardwood floors. The cost basis of your house is the original sales price of the house plus many of your settlement costs. We will also assume straight line depreciation meaning the cost will be spread out evenly over the 10 years. The most important things to repair before selling a house.

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. Therefore you can claim 5 000 10 an expense of 500 each year for the next 10 years. 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. 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.

Our wood floors look worn. 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. It has holes in the walls all the way to the exterior and urine soaked wood floors. All the faucets leak.

Assuming you are at a 28 percent tax rate you will save 500 28 140 in taxes for the year. Improvements you make to your home may add to your cost basis. See professionally prepared estimates for floor refinishing work. 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.

The cost to refinish floors starts at 4 43 5 89 per square foot but can vary significantly with site conditions and options. Regular maintenance is an expectation of every homeowner its just cost of owning a home. Selling a home in as is condition. Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood.

Replace torn carpeting or have it steam cleaned especially if you have pets. Is it worth the cost and disruption to refinish them before selling.