Where to find the best bang for your $$$$ while renovating,

Question

I was wondering where you go to find the best items when renovating a house. Some of the main rooms I am looking into renovating is the bathrooms, bedrooms, and kitchens. Also, how much dose some of these items run you just to give me an idea. Appreciate all the help, knowledge and advice for helping young investors like me!

Scott E. · Answer

Rough costs for my area when renovating an average 1,800 square foot 3 bedroom 2 bathroom home built in the 1950s. These figures will vary depending on where you are investing, who you hire, and quality of finishes selected.

-KITCHEN (cabs, countertop, plumbing, electrical, backsplash, appliances): $25k

-BATHROOM (cabs, countertop, plumbing, electrical, floor tile, wall tile, glass): $8k

-FLOORING ($7.50/SF installed): $14k

-PAINT (interior & exterior): $10k

-LIGHTING (cans, ceiling fans, sconces): $3k

-NEW PANEL: $4k

-NEW SEWER: $10k

-NEW ROOF: $15k

-LANDSCAPING (rock, turf, plants, irrigation): $15K

Taylor Dasch · Answer

Bathrooms and Kitchen are the most important but also the most expensive. I know some investors hate to hear it but please take care of the major issues first- plumbing, foundation, roof, electrical etc. The # 1 thing is that just one half hearted flip will ruin your reputation and that is a huge hit in this business IMO. #2 The inspection is going to uncover the issues anyways and you will pay for it. #3 Renovating is the best time to fix these things because it is likely the walls will be open so that the repairs are much easier. There is a guy in my market who flips properties without taking care of the major issues and his properties just do not sell.

Also One thing I wish that I would have done is hire someone with multiple flips under their belt and have them walk me through rehab costs, selling cost, etc to really have a good grasp of what I am getting myself into. This way would have made my journey so much less stressful. However I am thankful for all the mistakes I made because they did teach me valuable lessons. I hope it all works out for you !

Where to find the best bang for your $$$$ while renovating,

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