Rehab Cost Estimates / Estimator?

[bosco]

Is there a calculator, rule of thumb or per square foot cost to estimate what ti would cost to rehab a house. Need something quick and dirty so i can run numbers on potential purchases to see what the rehab costs would most liekly be based on what the property needed.

 

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[Charmed Angel]

Every property is different. The best way to do it is physically walk through the house noting everything that needs done to it. Take that list to home depot or lowes and get prices on these things. Also get bids from contractors for labor on everything that You will not be doing.

If you don't know or have experience with what things cost, there is no fast way of doing this.

I have looked at and analyzed hundreds of properties and have about 8 complete rehabs under my belt. With this experience I can walk through a property and within a few minutes have a rather close estimate of rehab costs. However, I still get bids and compare prices before I close on a property. I also make a detailed list of everything that needs to be done and place a price next to it. While I'm doing the rehab I place the actual price next to the budgeted price to ensure that I am within budget and adjust as needed throughout the rehab process.

 

[hakrjak]

As mentioned above, there is no easy method. Things like needing a new roof can skew your figures $6-10,000... depending on if you need one... Kitchen cabinets can throw the numbers $3-6k also... Carpet $5k+... Windows $4k+... etc....

You just don't know what it will cost until you do your due dilligence.

As a quick rule of thumb when I'm doing my walk through, I usually start out with $10,000 (Which is usually good for my labor costs and some misc costs) and then I start adding on all the things I see like roof, cabinets, etc...

- Hakrjak

 

[hatterasguy]

Can you have a friend or someone who knows what they are doing walk through with you?

An experianced eye can spot a lot, and come up with some pretty good numbers.

 

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[bosco]

Thanks for everyones inout. i work in commercial real estate and we have rule of thumb numbers for all phases of interior work. I was just trying to get a feel for what the resi market bears. Im comfortbale with all phases of construction and was looking for a quick and dirty method without having to shop contractors or supply houses for materials.

Jscotts numbers look like they are a good place to start.

Thanks again!!!