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Updated about 8 years ago on . Most recent reply

Estimating Repair/Rehab Costs When You Don't Have a GC handy
hello all! i am wondering how you all estimate repair/rehab costs when you don't have a GC or contractor readily accessible when seeing a property? i have some ideas on things like costs for granite countertops, appliances, refinishing floors, etc. but what about the more complex stuff - how do you all estimate this?
I found a website called Homewyse that gives low and high estimates, but i am not sure as to its accuracy or reliability.
Thanks for any advice, leads, additional websites or GC recommendations in Chicago!
Most Popular Reply
Hi Maria - I use the following ballpark estimates when I am submitting my offers:
For fix and flip properties:
–50 dollars a square foot for gut rehab
–30 dollars a square foot for cosmetics
–15 dollars a square foot for great condition
For rental properties:
–Reduce the above value by 30%
›If comps have finished basements add that in the sq. ft. of repairs (usually add 1000 sq. ft.)
The above repair estimates are just to have estimate whether a lead is a potential DEAL
I use a detailed repair estimate calculator during inspection period. Send me a message if you would like to get a copy.
Hope this helps!