Is there a formula for determining how much repairs will cost in a rehab home?
For instance, a kitchen will average $1500. A bathroom will average $500. New windows, $2000. Etc. Etc.
It would be nice to look at a property and be able to quickly and easily figure out how much repairs will be.
Howdy Pa-Agent:
Have you been inside a home improvement store lately. Back in the 20’s there were not a whole lot of choices. Just a countertop in marble for one set of cabinets can be over the $1500 kitchen allowance in some rehab jobs.
You may need to buy some high tech tools like a pencil and a sheet of paper and set down and estimate each task at hand. I recently put together a $200K bid for a project and at first it seemed overwhelming. I just started with one item and priced it and kept adding to the list. It finally worked out just fine and I now have a great feeling about the work.
There are some costs per foot you may get familiar with but even these vary. Jobs like carpet are figured by the foot as well as roofing and sometimes painter will give you a per foot price. It is amazing the range of bids you can get. I got a $50K bid on the electric and a $25K bid for instance.
What do you mean paying 36% on second commercial loans Ted?
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Re:How to determine repair costs? - NEW
« Reply #1 on: Fri. Sep 23, 2005, 04:09 AM » Reply with quote
Howdy Pa-Agent:
Have you been inside a home improvement store lately. Back in the 20’s there were not a whole lot of choices. Just a countertop in marble for one set of cabinets can be over the $1500 kitchen allowance in some rehab jobs.
You may need to buy some high tech tools like a pencil and a sheet of paper and set down and estimate each task at hand. I recently put together a $200K bid for a project and at first it seemed overwhelming. I just started with one item and priced it and kept adding to the list. It finally worked out just fine and I now have a great feeling about the work.
There are some costs per foot you may get familiar with but even these vary. Jobs like carpet are figured by the foot as well as roofing and sometimes painter will give you a per foot price. It is amazing the range of bids you can get. I got a $50K bid on the electric and a $25K bid for instance.
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Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home 512-587-6177 mobile
Paying 36% interest on 2nd Commercial loans $5000 minimum
I am doing a rehab right now and i have about 1200 for cabinets, 300 for counter tops, $450 for laminate flooring, $400 for fridge, $325 for stove, about $500 for misc trim, paint, wallpaper boarder, sink, faucet ect. Bathroom, $75 for toilet, $100 for sink & Pedistool, $500 for bathtub/shower, $85 for vanity mirror, $150 for tile floor, $250 for plumber hooking water up. $40 for vent, $40 for lighting, $200 for new cabinet doors. This is all doing it about the nicest way for the cheapest amount of money…i could do a little bit cheaper and make it look alot more generic, or i could spend a hell of a lot more, but wouldnt get the investment back based on the house location, and house style. There is a lot of different variables to consider when trying to price a house to rehab and location and style of home are the biggest factors. Another thing would be your curb appeal…i havent ever had to do much with the outside of my houses for the fact that they blend in with the surrounding houses ok, and feel that the ROI is not there.