Posted by BrokerScott (Mich) on September 25, 2003 at 16:08:15:
Take your worst case estimate of moneys and double it. Take your worst case estimate ot the time it will take and triple it. I know this sounds smart aleck but its really not intended that way. With rehabs there always seems to be ‘just one more thing’. Just my 2 cents. Best, Scott
Estimating Renavation costs - Posted by Justin (MI)
Posted by Justin (MI) on September 25, 2003 at 13:27:38:
How do most of you go about determining what it would take to renovate a house. I’ve come across a foreclosure in the exact location I’d like to put some renters. The asking price itself is not out of my price range, however I don’t think it’s worth what they’re asking right now. I don’t believe the house is in rentable condition, but could be if I were able to hire someone to renovate and fix it up. I just want to make sure I offer a low enough figure that I’m not going to get burned if the renovations go over budget.
Re: Estimating Renavation costs - Posted by art c
Posted by art c on September 25, 2003 at 14:59:31:
If you go to Home Depot , they usually carry generic estimating reference manuals. These will get you in the ball park. Although they are designed for the retail business. Find yourself a indendent carpenter with about twenty years exp. If you use him a few times a year , you’ll get a better deal. And it’ll be easy to do an estimate , once you get to know each other.
People who own restaurants, bed & breakfasts , etc. Usually have a good trades person they call over & over.