How much on average do you spend?

Question

I'm curious as to how much on average do you spend on a rehab; Not including holding costs and other fees, just the fixing and labor it self.

Eric M. · Answer

Any dollar figure is too misleading and no average will really help because each case is so different based on size, condition, neighborhood, etc.

You just have to rehab the house to the quality and finish (or just above) of the other comparable homes in the area.

I think it reasonable to try to compare how much we all pay to redo a roof, or paint 2000 square feet of house; but overall dollar totals aren't comparable.

J Scott · Answer

Greg -

This is labor and materials.  We have done everything from no work (wholesaling) to complete gut/reside/reroof/repipe/rewire/foundation/mold and everything in between.  Pretty much the only thing we haven't done is tear down and rebuild or build from scratch.

The minimum we tend to do is a complete interior cosmetic renovation, which includes all new paint, flooring, cabinets/vanities, countertops, appliances, lighting fixtures, plumbing fixtures, registers/switches/outlets, etc.  That generally costs us about $10-12 per square foot, or about $15-18K for a typical house we do.

On top of that, we'll often paint the exteriors (after doing any necessary siding repairs), replace exterior doors, replace bad windows, reroof if necessary, replace hvac if necessary, ensure any decks are safe/secure/usuable, etc.  This can be anywhere from another $3-15K,depending on the house.

So, a typical rehab will cost us $18-33K and that's for a house built in the past 20 years that just needs a complete cosmetic rehab and perhaps some of the mechanicals.  And even if the house doesn't need a complete cosmetic rehab, we'll generally do it anyway, as we don't like houses to look only partially new.

For reference, you can see a list/pictures of each of my houses on my website, along with all the detailed financials -- this includes the rehab costs down to the penny.  Then, for most of my houses (at least all the recent ones), you can probably dig up a post that details the exact expenditures (broken down by task) that went into the rehab.  So, if you want more detail, you can probably find anything/everything you might want to know by digging through my site.

Do a search for posts with the word "Budget" in the title, and you'll find what you're looking for...

Bill Gulley · Answer

Might provide some interesting data, let me help you out....:)

What have you averaged or where do you expect to be with rehab costs?

A. 0-5 K
B, 5-10K
C. 10-20K
D. 20-30K
E. 30-50K
F. More than 50K

Along with the price range of the property.

Otherwise some wise guy like J. Scott or myself will simply say $22,864.59! What would that tell you?  :)

J Scott · Answer

Btw, my "Results to Date" page on my site apparently has been down for the past week...but is back up now.  That's where you can get links to all the detailed financial info around the site for the various houses...

Aaron McGinnis · Answer

Averaging out my flips from the last 18 months... $160k.

Shannon X. · Answer

Thank You all for the information very much appreciated! Hey Rich if you don't mind me asking what "game" do you play?

Thanks

Rich Weese · Answer

I don't remember ever spending more than 10-12K, but times are different now. I had one in FL a couple years ago that was in that range. I know times are different now-but I'm not playing that rehab game anymore. Rich

Greg P. · Answer

J, if you don't mind, is this labor + material?  What do you usually do to these houses on average?  I'm figuring we normally spend between 40-50k for gut rehabs.

Thanks.

Dave M. · Answer

Kind of funny how close bill's guess was!

J Scott · Answer

That's funny Bill...I was writing my post above while you were posting this!

How much on average do you spend?

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