I am trying to find out the best way to estimate repairs for my wholesale offers. I also am looking for an easy way to teach my bird dogs the same. I am trying to put together a spreadsheet where they can put in numbers for themselves. If it helps I work in Minnesota. Thanks for the responses!!
I had the same question but what I have found so far is that YOU will have to do the leg work on this. Make a list of everything that could posibly need repared and get your prices from home depot. You might be able to do most price checks from your computer. Write down everything that looks like it needs fixed when you walk through the house and base your offer on that. You or the secondary buyer wont actualy fix or replace it all but…
When you write up your list use seperate colums for material and labor. Make sure you have sizes and measurments for most things. If you are on top of it you will be able to accuratly give an offer on the spot or shortly after going throught he house.
I have my husband writing me up a list right now but if someone has one I would sure apreciate it if they would share.
Spending some time in hardware stores will give help you learn prices for materials, but it WONT help you learn prices for labor! find a friend or family member that has experience in the trades or construction business to help you get some ballpark numbers for labor. A spreadsheet for calculating repair costs is a good idea, but only if the inputted costs are correct in the first place. Be realistic with your costs, and always add in an additional percentage (I use anywhere from 25-33%) in overrun costs for unexpected repairs and costs.
A vast majority of you’re buyers are going to want see the home BEFORE they grab it from you…Meaning let them worry about the repair estimates…It’s nearly impossible to guess what their repair expenses will be.
Instead focus your time on getting the home at the lowest possible price…PERIOD!
Good luck
Well, you do have to have some idea of what repairs cost. If it is going to cost more to rehab than the house is worth, then it isn’t a good purchase at any price, unless there is something fabulous and valuable about the lot it sits on.
But, yes, let your buyer do his own estimate of repairs. Different people can do the exact same house for wildly varying figures.
I take plenty of photos and some videos, so the buyers can take a virtual tour without going anyway. It saves me and the buyer time. They can come up with repair estimates from the photos and videos.
Hi,
Try going into any Lowe's or Home Depot and look for the construction / Remodeling Cost Data Books by RS Means.
These books give cost data for materials and labor by the component parts.
Carpet, frame wall, finish trim, drywall, doors, etc.
Just sit down with a piece of paper and the book and calculate your costs, just need the linear or square footage to put your own estimate together.
GR