Estimating rehab costs
What is the best way to estimate rehab costs on a property? Are there any checklists or good software programs out there that can be used?
What is the best way to estimate rehab costs on a property? Are there any checklists or good software programs out there that can be used?
What I do on rehab costs is work with a home inspector who goes through the property in detail and lists all the problems. Anything I can not handle on my own I get estimates from qualified professionals, before I purchase the property. Then I file all these estimates for future properties that might need simiair repairs, saving me time in the future.
If you are a Do-it-yourselfer and would like to know an estimate of the materials needed (not labor), I would like to recommend a CAD program like '3D Home Architect'. Its also very fun to see how a project will look like before its completion.
I suggest going to Home Depot and picking up their free Pro Books software.
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I have been in construction for a number of years, so estimating is second nature. However, a great tool to start with is Quickbooks Pro. It comes with an estimating program and you can even get cost updates for your particular area, not to mention a nice clean spreadsheet for your accountant. Another method would be to go to job sites and pick the brains of particular trademen. If you are not capable of doing work yourself this would be a good way to meet the people that eventually will help you. After a couple of flips you will have a pretty good idea on what the basics are going to cost.