Rehab Budgeting in Chicago! Compiling Actual Costs/Guidelines

[Travis Russell]

Getting started, there are always so many questions! I tried to find a list of "estimated" costs for standard rehab projects but I haven't found anything that is very comprehensive. What I'm hoping to create is a centrally located resource that new RE investors can use to guide their financial rehab decisions and purchases in Chicago. This is where I need your help!

What standard projects costs could you provide that are approximate and applicable to Chicago? (Including standard labor costs factored in) Hopefully these are good ways to estimate costs, and are "universal" estimates for many properties.

New Flooring $___ per ft2

Kitchen Cabinets $___ per linear ft

Granite $___ per ft2

Bathtub $___ each

Vanity/Sink $___ each

Tiling $___ per ft2

Carpet $___ per ft2

New Drywall $___ per ft2

Removing non load bearing walls $___

New Electrical $___ per ft2

New Plumbing $___ per ft2

New HVAC Systems $___ each plus $___ per ft2 for duct work

Decking $___ per ft2

Replacing Windows $___ each

New Roof $___ per ft2

Standard Holding Costs that quickly add up!

Please feel free to add any other standard renovation costs that I missed, and any advise or tips that you use to run your numbers.

Thanks again for everyones GENEROUS assistance!! BP is such an amazingly supportive community!

[Rejean Julien]

Couple things

Firstly a well know flipper, J Scott wrote a book on this very thing. I rehabbed and flipped 45 SFH's last year i can tell you this book is pretty comprehensive.

http://www.amazon.com/Book-Estimating-Rehab-Costs-BiggerPockets/dp/0988973715

Firstly you should start with the material. What is the material costs. There are so many different types of material and each has a different application in each real estate market. I would suggest analyzing the comparables and copying which designs you feel are effective to get a sale.

Then you can get the labor cost from a contractor or trade. They typically dont like to give out this info but they can be persuaded.

add them together :)