Newbie and rookie. I rented for years and would always just focus on 401ks and Roth IRAs + the freedom that comes from not owning real estate. I finally changed my tune this past year and being the bargain hunter I am, I searched for a fixer upper for my first house. I was aware of the 2 yr tax break so I thought I would fix up a house and try to sell for a profit (hopefully) and roll the proceeds into new real estate ventures.
Here I am today. Almost a year into the renovation and dealing with living in a 1/2 way fixed up house. Not easy. I am struggling with determining what type of floor I should go with for the main area, kitchen, stairs and hallway. Thought I would post a question.
Split foyer, 4/3, 2400 sq ft, was a FSBO
House background & current status of reno: bedrooms are carpet, bathrooms are tile, downstairs laundry/mud room & bathroom are kinecto luxury vinyl plank
Purchased for $128,500 and currently have close to $26,000 in but have some expensive stuff left like flooring, kitchen counter, kitchen cabinet redo, deck, new exterior paint...will try to save some money by selling the house through busy bee realty service
Considering for the rest: engineered hardwood or laminate and want it to flow throughout the main area
Neighborhood: older, established. Some houses have been maintained, some not as much. Good schools. Good location. Sales of similar home style that are not 100% updated sell $170-180k range (floors are very mixed---lots of carpet, laminate, engineered hardwood in one, tile), completed updated selling mid-180k range (generally hardwood floor). Ranches and two stories that have updates sell in mid-180k-200k range.
Given the competition and what I have left to do, what's your suggestion? I had one realtor I know say laminate would be fine but I don't know what the cost difference would be between engineered and laminate. If it isn't much, I'd opt for the engineered to advertise the house as having hardwood. Thanks for your input!
Lumber liquidators has a 7mm laminate for 0.55/sqft (sometimes) which would probably work well. Home depot sometimes carries a 8mm laminate for 0.89/sqft that has a 50 yr warranty that I used on my last rental. If you do it yourself, you will need a table saw, miter box, hammer and reciprocating saw (for cutting jambs) at minimum and probably a floor kit. Home depot also has shoe molding for 0.23/lf. This was my last purchase for a 1428 sqft rental using the laminate that has a 50 yr warranty:
Low price for engineered looks to be 1.59/sqft at LL. Labor might cost about $1/sqft. Total cost could be about 2/sqft for laminate and 3/sqft for engineered, or 4800 to 7200. You could do it yourself for 1500-2000 using 7mm or 8mm laminate if you can get a good price for it (.39-66/sqft)
Thanks Jassem. If this is a resale for max profit & will not be a rental, do you recommend a higher quality or just what looks new/good?
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