Hard Money Bankers - Estimating Construction Costs

Estimating construction costs on a renovation project tends to be a spot where a lot of new investors get stuck. It becomes especially confusing when they can't enter a property being sold at auction. What we have seen over time is that the majority of flips tend to have a similar range of numbers based on the geographic location. South Philadelphia 2 story homes have a specific anticipated range of costs. 2000 sqft homes in Bucks county in the suburbs have a different range of costs. As long as the initial estimate is within the anticipated range, it shows that the client has done their homework . The concerns become when the costs are significantly outside of the expected range. It sends up red flags and concerns. Learn your farm areas range of proper renovation costs and it should be a good check down for you on your next flip.

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