How much to put into rehab?

[Leland S.]

Hi, I'm on my first flip and have all these great and expensive ideas. I'm not sure which ideas are worth the money though. For example, I could just refresh the kitchen with all new hardware or I can open up a wall to the dining area, move the sink/stove, move the HVAC and have a nice large open kitchen space for probably another 10k. 

I have the same question for a bathroom. I have 3/1.5 right now but want to expand the downstairs bath to a full bath that attaches to the bonus room down there making the house a 3/2. That would probably be an extra 7k. 

I do have a very recent comp that was actually a flip next door to go by, so I want to get as close to their unit as I can so I can list at the same price, that unit was a 3/2.5 with 140 more sqft and single floor plan, so more open and spacious.

[Manolo D.]

@Leland S. You are about to sign with a contractor that will not finish the job. Considering your posts below, your project will not cost 10k and 7k. Most likely double your budget on your floor space, 7k for half to full bath is not unheard of, I do assume you need to move walls and etc if you're half to full. I would assume you will need to pull permits and etc so you can register and sell it as the comps, your area . I do hope you are on the 800k+ ARV area and have a difference of 200k between PP and ARV so you'll have enough margin to make it.

I can open up a wall to the dining area, move the sink/stove, move the HVAC and have a nice large open kitchen space for probably another 10k.

expand the downstairs bath to a full bath that attaches to the bonus room down there making the house a 3/2. That would probably be an extra 7k.