Hi there,
As someone who focuses more on flipping, I can definitely help tackle the cost of renovations for you. Maybe give you a few pointers
### Estimating Renovation Costs
When it comes to estimating reno costs, the inspection period is the most crucial step. Here’s what works for me:
1. **Network for Referrals**: Start by attending local meet-ups or joining Facebook groups to get referrals for good contractors. Sometimes, a local realtor can also point you in the right direction.
2. **Initial Guesstimates**: Before buying a property, bring several contractors in and let them know you’re looking for a guesstimate – just a ballpark figure. This helps you get a feel for them and their pricing.
3. **Home Inspection**: Once you have a rough estimate from the contractors, decide if it’s worth paying for a home inspection. The inspection will highlight everything that’s wrong with the property, and it’s vital to fix these issues first before tackling cosmetic updates.
4. **Detailed Bids**: After you receive the inspection report, share it with your contractors and ask for a detailed bid. Make sure their bid covers everything listed in the inspection report. Be very specific about what needs to be done to avoid any surprises later.
Following this process helps ensure that you don’t underestimate renovation costs and can plan your budget more accurately. It also helps build a good relationship with your contractors, which is invaluable in this business.
Hope this helps, and good luck with your investing journey!
Best,
Julie Muse
