House under contract.... 60K Rehab?!

4 Replies

Hi Everyone,

I finally got a house under contract located in the southside suburbs of Chicago. I'm planning on rehabbing the property, but the rehab costs seem way too high. I asked my contractor how much it would costs me to rehab the property, and he told me it would cost me around 60K.(I was thinking around 50K at most). Here's the SOW:

- Kitchen/Baths

-Refiinish Hardwood floors

-Change furnace/water heater

-Plumbing

-Upgrade the panel

-Finish basement (Insulation, laminite floors, drywalls)

-Change garage door 

-Install Carpet on the  3 bedrooms

-Downspouts

-Some landscaping 

-Change garage door

-new door, fans, outlets, etc. 

I was also thinking about opening the wall between the kitchen and the living room. The pictures look fine but the basement needs ton of work. Here's the link to the property with pics. 

https://www.redfin.com/IL/Calumet-Park/12751-S-Car...

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sounds possible, that's a lot of work.

btw, the pics didn't show up since we need to log in. that's not happening.

So essentially you got a quote that was 20% more than you expected?  That happens.  A lot.  From the title, I was expecting to see that you had estimated $20,000 or something.

Even though you listed the items in the SOW, there is really no way for posters here to tell you what this "should" cost, without a lot more detail.

Are you buying this property to flip or to rent out? You may do different rehabs depending on the end goal.

Yeah, I'm with @Richard C. and @George P. .  Plumbing, electrical, and updates to the kitchen and all the baths? That's a complete renovation. Not knowing more about the house or the quality of the improvements you've asked for, I can't say for sure, but 60k is not at all a crazy number for all that work. 

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