Estimating repair and upgrade costs during building inspection

Member since 2024 · 2 posts · 2 votes

While shopping for a small multi-family building (3 or 4 units), I would like to get an inspection of the building to get an estimate of repair costs if any problems are found (foundation, roof, electrical, plumbing, heating). I am not an inspector myself and am terrible and guessing how much things cost to fix or repair. I am assuming free estimates only apply to properties you already own. I am also expecting that they will not bid on the property themselves if hired. How much would an inspection plus estimation generally cost for a 4-unit building? Any company recommendations?

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Kristine Ann

Investor · WNY/CNY/Adirondacks, New York State · Member since 2024 · 151 posts · 133 votes

Inspectors never give repair costs, in my experience.

In the past with one house, I paid a contractor who I had a good relationship with $100 for his time to come with me during a showing to give me some rough estimates. The realtor panicked a little but I said he was a handy friend of mine. If you don't own the house yet, you really need to pay the guy otherwise it's a waste of his time.

Sometimes roofers and pools companies will give an estimate based on google maps. You can call other companies like a plumbing company or hvac company and ask for a very rough estimate once you know what needs to be done. They generally have lists they can refer to.

It's never 100% accurate because repairs on a newly bought building can quickly cascade into larger projects depending on what they find when they are on site.

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Kristine Ann
Investor · WNY/CNY/Adirondacks, New York State · Member since 2024 · 151 posts · 133 votes
2y
Inspectors never give repair costs, in my experience.
In the past with one house, I paid a contractor who I had a good relationship with $100 for his time to come with me during a showing to give me some rough estimates. The realtor panicked a little but I said he was a handy friend of mine. If you don't own the house yet, you really need to pay the guy otherwise it's a waste of his time.
Sometimes roofers and pools companies will give an estimate based on google maps. You can call other companies like a plumbing company or hvac company and ask for a very rough estimate once you know what needs to be done. They generally have lists they can refer to.
It's never 100% accurate because repairs on a newly bought building can quickly cascade into larger projects depending on what they find when they are on site.
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Lynn McGeein
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
2y
@Wai-Ming Lau in our area, licensed inspectors do not give estimates or complete repairs - it’s a different term in our contract for using contractors vs licensed home inspectors. Many investors bring their contractor with them on initial viewing, but it’s usually an established relationship. When the market was slower, you could negotiate for home inspection and contractor estimates in a 10-day window. Our area is still too competitive for that.
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Jake BakerBusiness Member
Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes
2y
@Wai-Ming Lau
Most contractors will not give you an itemized bid while walking a property. You can pay them for their time. Once, you build a solid relationship with a contractor, they may be willing to do this for you. Pay for an inspector to go out and give you a full residential inspection and have your agent do a video walkthrough of the property.
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Nick GiulioniPro Member
Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
2mo
That's because it's a ton of work to put together an itemized list if you are only thinking about buying the property. Any good contractor is trying to give you a rough number before they invest more time into it.
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