Estimating renovation costs?

2 Replies

I am going to checkout a house in forclosure and I'd like to know going in what the renovation costs are going to be. Who do I call to give me an estimate on site? A contractor? An appraiser? I'd like an idea of fees I'd be paying.

Someone familiar with home repairs.  If the electrical, plumbing, and heat work then that is a good sign.  Many people pay 300-500 for a home inspector to come out before purchasing.

I buy duplexes that need work and put an average of $40-50,000 in per place so I've learned the costs of every type of repair.  I'm within 10% and that is a misc I build in as you never know what's behind walls ect. that you can't see or predict.  In your case, the best thing is to bring in a contractor, plumber for bids, electrician for bids ect. so you have everything.  I buy all the materials and do time and materials whenever possible so they don't have to build in "what if" hedge.  At your stage, use bids until you learn the costs through experience.