I am a New York investor and I am thinking of doing some projects in PA. But I have no idea what the average rehab costs are in that market.
I am just looking for a generally ballpark. For example if I am flipping an average middle class home, 1500 square feet, how much does a rehab go for?
Any information would be appreciated.
@Jerry Quintiliano your questions is impossible to answer. There are so many different levels of construction , quality, bathroom count etc... You will need to do this the hard way which is get estimates and shop around. Check references when choosing a contractor and never give a large down payment. Also check in on each phase of construction prior to releasing any funds to the contractor. If you are doing work in the Pittsburgh market look up @Jeremy Taggart a local agent who does a lot of buying and holding renovations. He may be a good resource for you
Your question is wildly broad but broad strokes to paint, refloor, do lights, windows, kitchen and bath on a 1700 sf 3br/1ba home I would budget $25k. My market is Northcentral PA, pretty rural here, I would assume we are among the lower-cost areas of the state.
I guess my question was kind of broad. Let me add some context. In New York, the average rehab cost is between 80k to 100k. You cant even renovate a kitchen for less than 30K.
Jennifer you answered my question for the most part. It seems like you can do a lot more in a rehab in PA for a whole lot less than NY. I just needed a very general idea. Do you do any work with out of state investors?
Jerry Quintiliano, I'm investing with a partner out in Westmoreland county who is an engineer that's supervised multiple rehabs. For a very rough estimate, you can expect between 20k - 40k for a decent rehab on a property. Make sure your number make sense through the rent calculator before pursuing a flip just in case you aren't able to sell as quickly as you'd like. Good luck.
While I generally agree with most of the comments the answer can be wildly divergent. Are you looking in the rural area or the city? Are you planning to BRRR or flip? Is it a C quality rehab or B? Pa prices will definitely be lower than New York. But the factors are as follows:
2. Size of property
3. Quality of rehab.
4. Quality of contractor
When you know the answers to those questions, you will be able to get a reliable answer to your question. Cheaper in the Poconos than Philly. Cheaper in Pittsburgh than Philly. Cheaper in central pa than either Pittsburgh or Philly. Good luck.
Like others were saying above, it really depends on what level of rehab you are trying to do, the condition of the property and what location it's in. If you are just trying to put lipstick on a pig, you aren't looking at too much but if it is a full gut rehab it can range from $80-120k.