Estimate reno cost
How do gauge the renovate cost from the listing pictures and gauge whether there is problem with electrical plumbing or hac problem?
Included some sample pictures and experience buyer would comment on the the realistic ball figure to reno this house to basic non fancy condition
@NA NA Pictures only tell so much. If possible, you need to have a walk through with an experienced contractor or someone with rehab experience. Without that you will have no realistic figures to work from. In addition, you need to adjust you initial estimate by 10%-15% to account for other unexpected issues that may come about during your rehab.
Do you have anyone to lean on? You may want to start networking now to build relationships with a strong contractor before you have a house. Volunteer (if possible) for you local Habitat for Humanity or other volunteer programs where you can spend time with tradesmen. You can learn a few things, get to know them and whether you can work them. You can learn their reputation, see what kind of work they do, etc.
Does the house even have power!!! :) I only see one light switch. Without seeing it, or at least having more pictures its hard to tell what needs to be done. All the questions asked here need to be answered as well. Depends on what your exit strategy is.
The house is a rental
The qns was ask due to mi a out of state buyer and have to look at the picture to gauge the cost Did ask a few contractor but all they interested is setup appointment and provide no figure for the cost but mi a out of state buyer The agent did have some connection with the contractor but have to pick one of the house base on pic Read some of the investors buy off without even look at the house on ground In their case how do they do their due diligent on the repairs things?
@Cole Walker
The house may likely be a rental
Tks
We do tons of rehabs and our guys use these Budget Cheat Sheets. It is just a simple 4 by 6 postcard that they carry with them in their back pockets or purses.
It is NOT meant to give you the EXACT price, but it will give you a very good ballpark price. It is structured with 1,000 - 2,000 - 3,000 sqft across the top and down the left side is a list of the items that need to possibly be completed. So you are able to pick the size of your house and select what you need to accomplish then add them all together.
If you would like one of these PM me and maybe I can email you one.
Hope this helps a little.
Thanks
Andrew
a house on that condition will need a real inspection to actually see what is needed and even then you will have things come up that you didn't know about until you opened a wall, etc,,my first impression is simply, what will it cost,,a LOT,,,
Great Andrew thank you your budget cost sheet use them for reference
Btw how do you find the figures from homeadviser are they accurately reflect the true market price?
It has been my experience that you can only get a VERY rough estimate on renovation through pics. You will need to make an offer based on those estimates.
Once they accept your offer and you are in your due diligence period you will have the ability to complete your inspections and at that time to find out exactly what is wrong with tte property.
Once you have a list of needed repairs from your inspector(s) you can then get quotes from contractors to make the needed repairs.
You tally those estimates up and now you have a much better idea of your renovation costs.
If the numbers still work then proceed. If the numbers no longer work due to unforeseen repairs then renegotiate the price/terms or cancel. If you elect to cancel you want to make sure you are still within you due diligence period.
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Real Estate Agent MA (#9530304 ), NV (#62827), and RI (#18138)
- 702-349-9175
- http://www.GreenValleyHomeFinder.com
1. If you want me to send you a Budget Cheat Sheet let me know.
2. Are you asking me or someone else about Home advisor, I'm not sure?
AC
@Andrew Cordle
Have print out your budget cheat sheet
Are the figures mainly for upper figure and high level workmanship? The HVAC cost is inclusive of ducting everything in? And the kitchen is complete replacement of cabinet?
Yes home adviser has those cost for national and regional area but are the figure fairly?
My experience with reno is whatever you think its going to cost, multiply that number by at least 2 or 3 times.
Originally posted by @Andrew Cordle:
Hope this helps a little.
Thanks
Andrew
Andrew, great little cheat sheet. I didn't see bathrooms on there unless I missed it? Just curious what you budget for a bathroom? I always like seeing what people budget for different items.
There are plenty of investors who buy properties without ever seeing them personally. However, most of those people have strong teams on the ground, where the property is.
Have you tried to build a team in your target market(s)? If not, I suggest you try to put a team together first.
I often use the pictures to get a 50,000 ft estimate of the rehab costs. That just tells me if there is any reason to spend time of the deal. But, eventually, someone is going to have to physically view the property.
There is no bathroom by itself cost. As most of it is tied into the breakdowns.
Such as:
1. Plumbing which include facets, toilets, tubs, sinks, etc all of those would be included in plumbing.
2. Bathroom tile would be included in the tile section
3. Painting
4. Drywall and Trim is on the sheet
So instead of just saying bathroom and have its own space it is really broken down into smaller categories.
AC
@Hattie Dizmond
Who would on the team? Buyer agent, property mgmt, handyman, contractors?
What are the questions should be ask in order to screen them?
Since they are from different area would not have to fix up appointment in between them to meet up like fix a appointment with contractor and get the property mgmt person to be at the house to meet him
Alternatively would be better to get a "can type of team"? Some agent works work with contractors and even have their property mgmt team
Since you're off-shore remote, it might be a good idea for you to look into partnering with an investor(s) who is local to the market(s) you're interested in. It's going to be really difficult for you to manage things here from the other side of the world. And, for reason which continue to escape me, certain industries here are notoriously flakey.
Have you identified your target markets?
Have you defined your primary REI strategy/approach?
If you have, then start a thread in the Marketplace saying you're looking for partners in Market A, Market B...whatever. Explain you are off-shore and need people local to those markets to work with. Then, prepare for a lot of random responses. You'll have to weed through the pretenders to find the contenders. Once you've found a couple of serious contenders in each market, you need to fully vet them, run background checks, ask for references...actually talk to the references. If they say they've done deals, ask for specifics & addresses. Check out their posts, contacts and who is following them and who they are following here on BP. It will take you a little time, but it will save you a lot of frustration & headache.
Also, if you post that message and anyone responds and one of their first questions is what % will I get or what are the terms....run away. That isn't who you want to work with. You want to work with people who are as serious about interviewing you as you are about interviewing them. They need to be talking to you about who you are, your strategy, your approach, your criteria, your experience, etc. The structure of the agreement is the easy part and will happen quickly, if you are both in it for the right reasons.
Does having a lot of positive feedback and sales implied the agent is safe? He or she would look after your interest
For contractors what qns to ask to screen them? Asking for references is good but they may give those customers who are satisfied with them
Property mgmt is a little more difficult to gauge really have to talk to those uses their service
Keshn,
Online reviews can be a good source of leads for agents. A better alternative for all of the team members would be to post the question in the appropriate forums here on BP and ask for referrals of folks who have used them. Just make sure you include the market(s) you are targeting. Otherwise, you'll wind up with referrals from CA, when you're needing Arkansas.