Estimating rehab cost
I am new to real estate investing and I wanted to know how do you estimate your rehab cost, i.e. kitchen remodel would cost? Bathroom remodel would cost? new floors would cost?
Most Popular Reply
There is software available that will help with this but the best way is to go shopping. Write down the dimensions of your rooms, cabinets, counters, walls, etc. and go price paint, carpet, padding, sheetrock, toilets, tile, mirrors, cabinets, etc. etc. It is time consuming, but if you are going to be making the purchases it is a good way to learn the materials and the costs of them.
I would also have a contractor come in and give you a detailed list of costs for materials and labor for the job. His connections may be able to get him a better price on some materials. You may also find some things he can do for you as cheap or cheaper than you can yourself. My wife and I are working on a rehab right now and we have taken many trips to Home Depot and other stores just pricing the items we will need. Make it fun and enjoy it. It is all a part of your education in rehabbing.