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I just got a house circa 1930 last week and I'm having a hard time if I should do hardwood floor or just do carpets to get max profit during sale. I am planning to just fix it up, rent it out until the market get better then sell it.
The cool thing is that I got the house in a foreclosure short sell from the bank. I got it for 46k cash (no loans) while the last owner bought it for 97k (2 years ago) but defaulted on their mortgage. The house is really messed up but if I fix it up and wait until the market heats up then it'll go for around 130k or more.
My question is... should I go ahead and install the hardwood floor for the living room, all bedrooms on the first floor and tiles for the kitchen. While the only bedroom in the attic will have nice carpet. Will I recoup my entire investment in this in an year? my mother told me the carpet's the cheapest way to do and get max profit.
I would use the property value as my clue. If the house is only worth around $100K when in top condition, I would opt for carpet, as it looks good, and is the least expensive. You have a better chance of recovering your money. If the home were in a more expensive area, i.e. five or six hundred thousand, then I would probably go for laminate or wood floors. Rule of thumb... You don't put a million dollar floor in a thousand dollar house, and you don't put a thousand dollar floor in a million dollar house..! That goes for any improvement you make, don't over build, or under build, for the house or the area.
You say it is a fixer-upper, I would do the fixer uping, and leave the floor until last. That will give you more time to ponder the situation. A lot of things may change by that time.
Good luck...
Just noticed the home was build in the 1930's, you sure it doesn't already have hardwood floors? Many homes build in that era do, and would just need refinishing. Better look under the present floor covering, you might find a surprise....
I would use the property value as my clue. If the house is only worth around $100K when in top condition, I would opt for carpet, as it looks good, and is the least expensive...
True however, the house I bought is really messed up think: HVAC, plumbing, roof, etc. Now I bought it for 46k while the last owner bought it for 97k with all those problems already there. Now, the houses around my house are selling for anything between 120 to 160k with everything fixed. Now imagine how much those house would have sold if the market was hot right now!
Now, I figured if I fix all those problems and rent it out for an year or two then by the time the market is recovered then I'll sell it for around 130.
To Donn2390: we did try to look under the carpet but it was so glued down that we couldnt pull it up enough to see. we do hope it have an existing hardwood floor then it would be more than worth the investment to repair the floor.
the question I am trying to figure out if it is worth dishing 2k-3k for hardwood floor if the house will eventually sell for 120 to 140k when done with everything?
Will you be able to get more for rent with hardwood or carpet? You should check out the rental market in the area and see what renters are looking for-if it's anything like other 30's houses I've seen they will expect hardwood. You might be able to get a premium on rent with the hardwood that will make it a smart choice.
The original flooring in that house, from the 30's and depending on where it is located in the US, could probably be yellow pine. That was what was used back then quite a bit in a lot of the US. It's not a good wood for finished floors either, it moves way too much with the weather and splinters terribly. Now if a hardwood maple/oak or poplar...call a professional and pay them to re-finish them for ~$3 a sq ft.
A decent carpet is going to run you ~$3 a sq ft. with decent padding and installation. Some of the cheapest crap you can get will end up running you ~$2 a ft. I wouldn't even waist money on cheap carpeting. For just a little more you can have a flooring that will make or break the house. Today, $1 a ft is nothing...and anymore the difference between a good looking floor and one that screams "cheap".
If you are a DIYer, for less than $3 you can get a pre-finished hardwood flooring that would really bring the house up a notch or two in the end if the original floors are too far gone or not the proper species. Much richer than carpet...
if you will have renters--carpet is not the way to go. it will just be a satined mess by the time you want to sell.
if you have hardwood under there, by all means fix that up--i love hardwood.
but if you dont, i would go with hard flooring--engineered wood. cheaper and more durable than hardwood.
we are installing engineered in our downstairs--kitchen and living room. if i could afford it, i would take it up to the bedrooms as well.
I agree with findinghope --- not all, but some renters can be hard on carpet, so you might end up spending twice on carpet (now and after the renters leave). Same goes for laminate woods and vinyl floor coverings.
I also agree with Donn2390's rule of thumb about not renovating a modest home with uber flooring. But there is a happy medium.
Engineered wood would work well. Durability and appeal. And you know, if there is wood beneath the carpets and if it is pine, that may also turn out well.
Our first house (a bit older than yours) had random-width pine boards beneath the carpet. Prior to the carpeting, the boards had been partially painted. However, over a weekend we rented a sander and sanded them. The following weekend we refinished them with clear polyurethane. Stephan_K is correct about the possibilities with pine flooring because we found our home's original builder had done a cheaper pine floor on the second floor than he had done on the first floor, so the upstairs floors had the wide gaps and board movement. But the downstairs ended up looking spectacular and added to the charm of our older home.
The house probably has wood floors already. Tear up the carpet and refinish. If the floor is yellow pine, give it an extra coat or two of polyurethane and all will be fine. Pine is more durable than a lot of people give it credit for.
Hardwood...reduce allergens in your home and install wood. We installed the Yukon Red Oak and it's beautiful.
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