Posted by michaela-ATL on October 25, 2002 at 13:21:44:
glynn,
thanks. the question wasn’t for me. i know what i can get things done for, but there’s such a big difference in what contractors will charge, depending on whether they have workman’s comp, are normally working in higher priced areas, are used to working for investors, normally work for home owners, that i think a book can’t give ‘real’ numbers. prices from a big company will be double or triple of what i pay. so, what do these books base the prices on?
michaela
Hey rehabbers, any ideas/advice on adjusting rehab costs for your town? I can call and get general contractor labor quotes, but when in a house,and wanting to move quickly with an offer, and using repair costs to figure my MAO, if I start with say a Legrand list of repair costs, that may not be accurate here. The economy in Jacksonville, is very differenbt than the West Coast, so I want to be as close to accurate as possible. Or is it just going to be trial and error,school of hard knocks on this? OR I suppose a day at Home Depot writing down my catalog of prices.
Thanks for any insite.
Re: Rehabbers–adjusting costs for your town - Posted by Pro Home
Posted by Pro Home on October 24, 2002 at 21:29:54:
I use the 2002 National CD Estimator. It includes adjustments for different areas in the country and also includes several useful estimator sections. These include construction, repair and remodel, renovation and insurance repair, electrical, plumbing and HVAC, and national painting.
Although the program is very in-depth, it will hit the right price to the penny if you do your homework. The biggest problem I have is determining all the different steps that may go into a project. For example, you don’t just type in bath remodel but must work out the process step by step (demolition, plumbing rough-in, electrical, drywall install, etc.)
Check out http://www.craftsman-book.com for a better idea of what this program is about.
Re: Rehabbers–adjusting costs for your town - Posted by David-OH
Posted by David-OH on October 24, 2002 at 19:45:11:
Home Depot has a free cd that has all their products with prices. It lists the sku’s for easy ordering. Also has a built in estimator.
I bought an estimator book by Craftsman for $35. It has variant costs for all major cities in the US. It has material costs as well as labor costs. Takes a while to look up a whole project, but would give someone a good idea if they had no other way to estimate.
My local investors group has created a rehab estimate form. All figures are for a 1000 sq ft house and you just adjust the numbers accordingly. It has the same components as the previous poster (roof, siding, windows, etc.)
A lot of times you can use a square footage multiplier to come up with a real rough estimate. This would depend on the area, but for central OH I use $10/sq. ft. for a minor fixer and $14-18/sq. ft. for a more major fixer.
Check out HomeTech Remodeling and Renovation Cost Estinator. it is a great book that is published for specific areas. you order it by your area code. cost about 80.00 I think. www.hometechonline.com.
I’m a contractor in northern NJ and use it almost daily.
Good Luck
Jeff
Re: Rehabbers–adjusting costs for your town - Posted by Glynn-TX
Posted by Glynn-TX on October 24, 2002 at 14:56:55:
Another way would be to get a copy of Marshall & Swift residential cost handbook. They have regional variations listed in the back of the book. NOT CHEAP, but pretty accurate.
Re: Rehabbers–adjusting costs for your town - Posted by michaela-ATL
Posted by michaela-ATL on October 24, 2002 at 14:02:19:
kylee,
going to home depot is not a bad idea, but that would only be material.
if i were you, i would sit down and make a list of things that are normal to need repair, that will keep coming up over and over:
roof - $ per square
paint - inside out for 1200SQF house, 8’ ceilings.
you can then add on or subtract
cha - approx. 1 ton per 600/700sqf. how much per ton installed incldg duct work
carpet - for investor grade about $? per sqf with pad installed
new small bath - $ 1000 for all new fixtures
new small kitchen - $ 1500 for home depot cabinets without appliances, with countertop
add on for larger rooms
hardwood floors - $ 1.25-$ 2.00/sqf sanded and finished.
thngs like that will come up over and over. get yourself some basic numbers for your area and use them for, build in a cushion.
maybe design yourself a worksheet, that you can take with you when you look at a house. you can then check off certain things and figure out what you think the house needs. write in the cost and add it up.
it will also help you sell the property, if you can present some ‘real-life’ numbers on your flyer.
Re: Rehabbers–adjusting costs for your town - Posted by michaela-ATL
Posted by michaela-ATL on October 24, 2002 at 17:01:48:
glynn,
i’ve never seen the Marshall & Swift handbook. it’s just hard for me to imagine, that a book can give average numbers, since the numbers i get from subs here can vary tremendously. i can get quote for a complete rewire of a 1400 sqf house from 2.8k - 6k.
a tearof and deck and reroof on a 1500 sqf house with cedar shake roof can be from 3.5k - 8k, depending on who i call. big company with workman’s comp overhead or small 1 or 2 person company?
michaela
Re: Rehabbers–adjusting costs for your town - Posted by Glynn-TX
Posted by Glynn-TX on October 25, 2002 at 11:52:00:
Marshall & Swift is primarily used by Appraisers valuing a property using the replacement cost approach. It takes into consideration the regional variations of both material and labor based on information provided by retailers and contractors. If you have a favorite appraiser, ask him/her to walk you through it next time you get together.