Estimating Repair Costs

[Baha Hasan]

Hello everyone, 

My team and I are looking to begin wholesaling in California. We are in the process of estimating the price per square foot it costs to renovate a home. With that said, we know there are a lot of factors to consider when determining an appropriate value (e.g. what repairs need to be done, light/medium/heavy remodel, where the property is located). Are there any resources you guys are using to help determine these costs? We have found that most contractors that we talk to are not willing to disclose pricing since we are not the end buyers. 

[Jeet Sangha]

Estimating cost per sf for basics like flooring and paint is pretty easy—everything else I would base on cost per room by breaking down items. For example, I would estimate the cost of replacing the cabinets, appliances, fixtures, etc., and come up with a total for the kitchen, and I would do the same for bathrooms. I would put door locks, light fixtures etc. under miscellaneous. In the end, I would add it all up to come up with a more realistic estimate. 

I recommend reading: The book on estimating rehab costs by J Scott