I found a property I’m interested in purchasing. The price is GREAT for the neighbor (ugliest house on the block). The property is in need of a gut rehab. I got as far as the living room because there was so much debris it wasn’t safe to walk around. I completely freaked myself out and panicked as the cost of the repairs began to add up in my head. Is there a website that you can use to estimate the rehab cost based on material and/or sq ft.-or- do you need to get free estimates from a general contractor prior to extending an offer. The outside of the house needs some cleaning and landscaping, but EVERYTHING in the interior of the home needs to be updated.
Find a contractor or two to walk through it with you.
Buy the book “Flip”. I got my copy at Hastings. It has charts of expenses. You will need to add a few percent for the cost appreciation that is occuring with materials. This book will give you a cost blueprint for the most common repairs. It’s a 10, and I don’t flip houses.
Get a Marshall Swift book on Home Repair and Remodel 2008 Cost Guide. I have been getting this book for the last 5 years
I agree. Get an estimate, and add about 40% to it as fudge factor. Also, account for long holding costs, permits…etc.
You can get R S Means books at Home Depot that detail cost per sq. ft. or lin. ft. i
I use them as a sales tool in my construction business they help to gauge if a contracter is to high or low in price both warning signals. They will also give you the ability to look at projects at your convienence and decide if they meet your requirments then bring in the contractor.
Without alot of construction experience you will overlook things so as a Contractor I reccomend finding someone good to work with that understands your goals. These books will help you to get a general idea of costs.