OfflineI am a new investor, and I need to know how to calculate rehab costs, here in Sarasota, Florida. Could someone please give me some info. on how to calculate this info.?
Thanks,
Charley
__________________
Charley Menendez
Rehab costs
Posted on: Tue, 06/23/2009 - 14:09
Rehab costs
- by menendezc
- Login or register to post comments
What I'm doing is asking a general contractor to come out to the property and give me an estimate. My contractor is giving me a free estimate. Really, I was just honest with the guy and told him that I was an investor and that I needed to know how much it would cost me to repair the place. He was fine with coming out and giving me an estimate.
Also what my mentor told me was. That when you go out to the house with that contractor have them show you everything that they are looking at and why. So that way you can start learning what to do on your own. Then when you get good enough and know what to look for you can go into a property and get a general idea what your estimates will be..
GOD first.
Hi Cahrley,
You look at your major items such as your furnace, your electrical panel, your roof, the foundation(support beams,any cracks), plumbing, subflooring for weak spots. Termite damages. These are all things that can be costly. If any visual concerns I would have for any major repairs on a home, I would have a proffesional in that area of concern give a quote on repairs. Once you rule out the major concerns. The rest becomes cosmectics and will be pretty easy to gage in cost from some of the major home improvement centers. They can give you some kind of idea what material and labor would cost. There is also the option of hiring a home inspector for a fee. Contined success........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Beware aware of any new building code since Florida is Hurricane country. Roof pricing is going to dependent upon on size and if your roof has any various angles (weird shape roof) in it. Cabinets $300 and up (quality grade-high end). Windows $770 and up (argon gas double hung). A/C cooling/heating pricing will dependent upon whether if you're going gas or electric. Back up "whole house" generator expect to spend $10k.
You can find good deals on ceiling fans & lighting if you go to lighting gallery store vs home improvement stores. HD & Lowes your going to find better prices on paint vs Sherman Williams and toilet & sinks unless you know of any savage yards or warehouses for those things like doors and claw foot tugs if you want to keep in time period of dwelling. Otherwise you'll have to go the home box stores.
Thanks,
Charley
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
The best way to go is call around for contractors that give free quotes, and when you are looking at a property, take them with you or have them meet you there.
In most cases, you will want property with cosmetic rehab (carpet, paint, etc). In order to make offers fast, it's a good idea when looking at property to measure the item and take you list to a home improvement store. Verify the cost, ask the attendent what the labor would be. You will normally see the same items that are in need of repair. Also, remember, you will have a whole house inspection and if they find "hidden" rehab you will have the right to break the contract based on the inspection contengency.