Refinish Floor Cost Basis Selling House

Improvements you make to your home may add to your cost basis.

Refinish floor cost basis selling house.

The cost to refinish floors starts at 4 43 5 89 per square foot but can vary significantly with site conditions and options. 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. Our wood floors look worn. Much of the electrical system doesn t work and the bathroom tub has fallen through the joists.

Let s say the property in question needs a lot of work. The cost basis of your house is the original sales price of the house plus many of your settlement costs. 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. Refinishing wood floors can be a major undertaking when you re already settled in a home.

Regular maintenance is an expectation of every homeowner its just cost of owning a home. Cost to refinish hardwood floors. Selling a home in as is condition. 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.

It has holes in the walls all the way to the exterior and urine soaked wood floors. See professionally prepared estimates for floor refinishing work. Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood. Assuming you are at a 28 percent tax rate you will save 500 28 140 in taxes for the year.

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. We will also assume straight line depreciation meaning the cost will be spread out evenly over the 10 years. Replace torn carpeting or have it steam cleaned especially if you have pets. The most important things to repair before selling a house.

Get fair costs for your specific project requirements. June 6 2018 written by paula pant. All the faucets leak. Is it worth the cost and disruption to refinish them before selling.

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.