Repair estimates

[Ernie Thivierge]

Hello everyone, I am brand new to real estate investing and bigger pockets. I need to inspect a house for the first time to estimate repair costs. I am far from a handy man so I could use any help regarding what I should be looking for. Any info would be greatly appreciated. Thank you. 

[Hugh Ayles]

There is no cheat sheet for inspecting a home for repairs.  It is really best if you have someone with you who understands construction.

A few pointers:

look for cracks in the walls and floors.

Look for water damaged drywall.

Do the doors close and seal properly?

Is the bottom of any wood on the outside of the house showing signs of decay?

Would you want to live on the flooring or use the cabinets that are already there?  Don't try looking at this from a high end perspective, you need to try and look at it from the potential buyer's perspective.

Anywhere there is a plumbing fixture, look for signs of leaks.

Do the interior doors close properly or show signs of wear?

Are there signs of pests such as numerous dead bugs or rat droppings?

Does the roof show signs of wear?

Is the electric on?  If so, make sure to run the AC while you are there to make sure it works.

These are just a few things to look for and hardly an all inclusive list.

As for cost, I use my experience in construction and would not feel remotely comfortable offering unit prices because prices depend on quantity and severity of the work that needs to be completed as well as geographic location.

An example of price guides: In my former life I have had professional estimating services call me for regional unit pricing.  I do not know how reliable the other estimators were that they contacted.  I would not want to gamble my personal money on pricing services that have just called around to formulate unit prices.

Lastly, I know everyone want to be on a budget and save money where possible.  I might suggest it is worth the cost of paying a home inspector for a report.  That report just became your price list for repairs.  It most likely will not have cosmetic issues, but you can decide if the space needs new paint or flooring.