Estimation on a gut rehab

14 Replies

There usually isn't a ballpark figure as every house is different. Is there an attic? A basement? Both? How large are the front and back yards? What level of design is going into the property? What is your definition of gut? Roof replacement? Down to the studs and new drywall and flooring and plumbing and electrical? 

The point I'm trying to make is that a general question will yield general answers. If you can answer a few of those questions, I'm sure people would have detailed answers for you.

Originally posted by @Manolo D. :

Jamarr Lee I'd guess between 30/sf and 200/sf.

 LOL. That is certainly an estimate!

The area, the finishes, and what you do or don't need to do makes a big difference. In this full gut rehab scenario, are you doing new HVAC with new ducting, new electrical panel and wiring, new roof, and new plumbing? Or just one of those? Or two of those? Get the idea?

Using a per square foot estimation for rehabs can get you into trouble as they are terribly inaccurate and those that teach or preach this method are way off (with the exception of the rehabber who does 5 a month every month, all the homes are very similar and of similar size so one could have an "average" over 60 qty in a year).

The site Fixr has estimates on the costs of projects.  The costs for my recent project have been close, except for air conditioning (which was stratospheric for my location).  

Originally posted by @Jamarr Lee :

I do know it needs new roofing, electrical, plumbing, needs to be gutted down to the studs, and drywall.

 Then $100k to $125k, again with the clause that your personal abilities and your area pricing can be different than mine. But you wanted an estimate so there you go,

@Will Barnard Hehe, at least his spend will hit my range for sure. You never know, I've seen bids that I won 3x my bid, and I made 40% of the contract amount. Clearly they did not want to win.
@Kerry Baird Be careful when using those site, they only use national average prices x location modifiers, ones you can figure out from a Craftsman book/series of books. (Ask me how I know). When you do highly urban or even urban, they're off at least 20% and as much as 35% in my opinion. Check homewyse as well if you dig ballpark website.
Jamarr Lee You have the option to set your budget like what Will said, then reduce the scope when it is crunch time. This only works for hot market with multiple offers after a week of listing.

@Jamarr Lee Everyone is giving their take on it and I will let you know what I do. This pertains to NJ, I don't know if this will help you for GA but you never know. If I do a full gut on a 1500 Sqft house.. Probably 3bed /2 bath you have... With siding and Roof and paving driveway and landscaping.. you're probably looking at 80-90k Rehab. This is what I can get my guys to do it for. I have been doing this for a little bit and I get some good prices on stuff that you can't even imagine what I am getting for. 

How did I come to this number? If I was inexperienced it would be about 60$/sqft... usually rehabs are 50-75$/sqft, this means full gut rehabs or just regular rehabs. My prices are good and I am on the lowers side of that range, and I can even get down to like 45-55$ if i really want to beat my guys down. 

All in all, to answer your question, if you have done jobs with your guys before, you can bargain with them for good prices, always get 4-5 estimates per job and make sure that you are getting a price that makes sense. IF you are just looking for a guideline 50-75$/sqft, usually does it. 

PS. All my advice is based off the fact that you manage your own projects and don't hire a GC, as this will save you a big chunk and will tighten your budget.

@Jamarr Lee If you're going to do well in this business I would suggest eliminating the guesswork when looking at properties. You should get a few contractor contacts in your phone and get them to look at your potential projects and provide quotes. You'll need several on your list because there will be times when your favorite contractor is on another job and you'll have to use another one that's on your list and available when you need them.

I don't know about your area but if you're really in need survey the Home Depot parking lot for the vans and trucks with signs on them marked Contractor, Home Remodeling, etc..  Before I had my list of steady contractors I used a couple of those guys to provide quotes. Make sure to research or asked them to send pictures of their work if they don't have a website, and get reference before using them to perform.  

It's very difficult to even give a rough estimation like people mentioned above because there are so many variables involved. What I would do is get a few bids from contractors. Once you do so few times with few different properties you should know rough yourself without a contractor. 

We just completed a total gut in the West end area and the total cost was 130K for a major rehab.  So ballpark range 130K -150K for 1500 SF with no addition.

After Picture Kitchen -Rehab ATM Constructors

Before Picture of Kitchen...What a Mess!

After Picture of Bedroom 1920 house

Before Picture