Updated about 2 months ago on . Most recent reply
Is My Contractor Pricing Too High?
Hello everyone,
Newer to house flipping and also just moved to Charleston, South Carolina. I've got a 2/1 ~900sq ft house and it does need a full rehab including new roof, all new drywall and flooring, adding plumbing for washer dryer and dishwasher, getting electrical up to code, full kitchen and bathroom remodel, etc.
With this in mind, and living in the Southeast (I'm originally from the Midwest), my general contractor is estimating ~90k in rehab. This is about $100/sq. ft. Is this reasonable for the area or is he pricing this way too much? Even for a heavy rehab I was expecting closer to $65/sq ft totaling a 60k rehab. so this is roughly $30k more than what I was expecting.
Would appreciate a fellow investor familiar with the region's opinion on pricing. (Maybe I'm just too used to cheaper midwest pricing)
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#1 Mortgage Brokers & Lenders Contributor
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Hate to tell you this, but that's probably about right or maybe even a little bit on the low side. This will be highly dependent on the area as well (downtown vs Summerville, etc). If this is downtown, it will likely be much more expensive because you will have to deal with the BAR and possibly the BZA.
Also, are you able to add any sqft and a bathroom to the house in the process? This would likely add to the total cost, but you will get much more bang for the buck.
- Patrick Roberts
