Do I have enough saved for renovations? (JC / NYC)

[Stuart Smith]

Hello, I'm trying to get a sense of how much people (mostly investors) have put to the side for renovations when they are doing their DD. I'm looking for my first property in Jersey City or NYC area, right now I have about $25k-$35k for renovations. The reason for the 10k gap is because I using 10k for cushion. On average for my price point, $25-35k is about 4% - 5.8%. Of course, I know there's some factors that go into really pricing this out that a Contractor might be able to help more specifically, which is why I kept this kind of general in asking: How much is usually kept aside for renovations?

Most of the properties I've looked at my plan is pretty much the same:

Likely touch up a kitchen

• Repainting cabinets. (Possibly replace them)
• New Appliances. Stove & Fridge
• Possibly replace kitchen sink / counter

and 'refinish' a bathroom

• Reglazing tub area
• Reflooring

There are some places I've looked at that I might plan for a major reflooring (up to 2,000 sq.ft). Definitely repainting ALL or most rooms, might do it myself to save costs.

[Anders R.]

If you are working with an agent, they might be able to introduce you to contractors, who you might want to contact just to start learning about potential costs.

Another suggestion is to check out the book "Estimating Rehab Costs" 

I'd also suggest doing your best guess analysis on specific properties and then posting your numbers to BP for feedback.