Hey I am new to the rehabbing profession…any help would be appreciated. This might be a no brainer but how does one get a good idea of the repair costs of a house before making a bid to the seller?
This can be tricky. I always tend to underestimate thinking since I can do it myself I will save money. Always count labor for your work if not you may have to hire it out and really come up short. On a rehab to resell do not cut corners. If the house is 100 years old and has old wood windows, rip them put and put in new ones. If it is a low income rental you may want to repair and repaint them if possible. The repairs needed depend on the final end product. Again if a high dollar resell you will want 15 to 20 per yard carpet and ceramic tile, If a cheap rental glue down carpet everywhere will do as long as it is nice and clean.
Make a list of all the repairs and measurements. Get bids from suppliers and contractors and get several if time permits. I just got electrical bids on a job ranging from $50K to $25K for the exact same work. The same was true for other trades too. The cheapest may not be the best all times if it never gets done or prices increases at every corner. Carpet and tile and other jobs that are done by the foot are easy to figure. Be sure to include prep costs, unlevel floors and removal of existing covering. I guess that is all today for my rambling. Hope some of it helps.
thanks tedjr for your reply but what if you don’t have that much time before making an offer? Would the inspection report list the repairs and possible costs?
If your going to go with cheap supplies, but yet nice supplies, then figure about $7 per square foot if doing a rehab. This is not including labor. Probably figure $11-$12 SF with labor including. This is justa ballpark figure and should be able to let you know if you are gonna make money off the project…this figure also is doing a whole rehab…new kitchen, bath, carpet, paint, ect. Could be a lot cheaper if you just need paint and carpet.
I just discovered www.contractors.com, they have cost estimated specific to your area for most major projects you would have in a rehab.
Requeen in Pittsburgh PA
Thanks that website is really helpful!
For some reason I cannot get it to update the cost if I change my options. Anyone else having problems with that site above for estimates?
I was having the same problem at first but for some reason it started working when I reloaded the page.
Must have something to do with the firewalls at work, because it works great at home now.