Rehab Cost Estimation

6 Replies

Hey everyone,

My name is Keith, and two partners and I are at the beginning stages of opening an REI company. I have an extensive background in home repairs and construction in general but lack experience when it comes to estimating larger scale jobs. My question for anyone who has experience estimating is, how accurate and reliable is estimating by sqftage, and what other forms of estimation would you recommend for assessing the cost of a renovation project? I'm new to the REI business, and BP forums and would really appreciate any feedback. Thanks!

I gotta say, J Scott's book on estimating rehab costs is amazing. I adapted his spreadsheets (from the e-version) to my local costs a few years ago and his info is spot on.  Among other things, the list is so inclusive it makes me consider items I might have overlooked otherwise.  Best wishes on the project.

I should have been more clear, the book is here on BP as well as Amazon I believe...

Thank you Deborah! I appreciate it. Also I was wondering whether or not there was an estimation software anyone recommends?

I would never estimate a project strictly using a price/sqft method unless you were extremely experienced and had an in depth understanding of everything needing repairs etc. I'm sure there will be some people that will reply with success stories using this method but if you're just starting I would avoid it like the plague. @Deborah B. mentioned a great book- I'd recommend picking it up and following his methods since it is so in depth. Your first several estimates will probably take a while but as time passes you'll get faster. 

About me: I've yet to do a rehab on a house but I have a background in construction management and assisting in estimating on large construction projects. 

Thanks Doug. I appreciate the feedback. Looks like I'll be picking up that book then.

You're welcome @Keith Gilde ! I'm glad I could lend some advice. You're the first person to give me a "vote." Thank you, Cheers!

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