I am negotiating my first flip deal and I am concerned about estimating repair costs. Anyone in the Chicago suburbs who can give me just a rough set of numbers for things like a kitchen gut, bathroom gut and carpet and paint for a 3 bedroom 2 bath house? I will be using a contractor to do the majority of it but I can do some basic things if I need to (tile, demo, etc.).
Contact me and I will be happy to help. I am in the middle of three projects in Chicago, and just finished two other project earlier in the summer, all numbers are fresh in my mind. :)
I will be happy to help you!
Lumi Ispas, Real Estate Agent in IL (#475.113981)
@Dannielle Hoffman Can you give some more specifics, like size of the home (sq ft), type of finishes, etc?
For the kitchen alone the prices can vary tens of thousands of dollars based on cabinets alone, e.g. stock vs custom cabinets.
Sorry for the delayed response. I have been sick all week. The house is 1780 sqft 3 bed, 2 bath, 2 car garage. We want it to be nice but the sale prices for the area are only around $190-200k so I only have like $50k to work with and I also need flooring and paint throughout as well as bust open a wall. I am estimating 15k for the kitchen and about 7k for each bath but I am used to doing private residences (I am an interior designer) so that might be a bit high. I am wondering how to get that down. What kind of cabinets do you use in a flip? How do you get better granite prices? I keep seeing it in flips but when I price it, it seems so outside my range.
Thanks for all the input!
Dannielle, I would say your estimates for kitchen and bathroom are high. I flip in northwest Indiana in about that price range and spend under these amounts. I would say around $8k for kitchen and $3k for bathroom. Here is a breakout of my projected costs on a new flip I'm working on that might help you price things out (a little higher end than I normally do, so above the figures I posted above). Keep in mind, cabinetry can get very expensive but you'd be surprised at how nice some affordable cabinets look.
- cabinets for decent sized L kitchen with 6 ft island - $2,500 plus $800 to install. I don't add hardware
- granite counter tops - I try to find something in the mid-$40 per sq ft range. Typically ask them what slabs they are trying to get rid of or can offer me a good price on. Haven't priced it out yet but I will probably pay between $2-$2.5k
- sink $200, - faucet - $200,
- backsplash $300 install, another $300 materials
- I usually add canned lights in kitchen ~$80 per,
- Flooring: If tile, I buy the $1 per sq ft ceramic so materials are cheap ($150), labor for that may be about $1k for a decent sized kitchen / If I do engineered wood, then about $2.50 per sq ft for materials and $2-$2.25 for installation
- Appliances: about $1k, I don't provide fridge, just dishwasher, stove, microwave
- Plumbing hook up - ~$250
- I have had to demo walls before due to tile, so probably $300-$400 for new drywall if that is the case
- Tile shower - probably around $250 for materials and $750 for labor (including cement board installation). Again, tile is cheap $1 ceramic although I usually put mosaic accent wall in middle of shower (this tile is about $10 ft per sq ft)
- Tile floor - $400 installation, $75 materials
- Vanity: $500-$600 (can get cheaper though), faucet $120
- toilet $150
- tub refinishing $375, or new tub $650 (tub and installation)
- shower/tub trim: $150
- plumbing hook up $250
Hope this gives you a good idea of costs. Make sure to get multiple quotes from people and make sure they know you are an investor. You will find that there is a wide range of prices you will get, especially from contractors that are used to more high end properties.
Where do you get your cabinets? That seems to be where I am over. That is what I came up with for the granite. You don't do granite? You do the HD laminate then? I was thinking about that but was concerned it would hurt our ability to sell. Ryland homes builder near by and sells bigger (2000 sqft) 3 bed homes that start at about $240k and they include granite.
Not exactly very close to you, but try Advanced Kitchen Corp in Franklin Park, IL for kitchen cabinets. They have nice cabinets at very good prices.
Wow, ya. That is almost the north side. I would be surprised if they wanted to come all the way down here. So not places like Home Depot? Do they do custom or are they still pre-made like the ones I would get at a big box store? Thanks for all the help everyone :)
Okay, I will have to make some time and head up there then. Do they install or deliver? I guess I am just concerned because I am over an hour from there.
@Dannielle Hoffman I know they deliver (about $75). Not sure about the install though.
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