Let’s face it: Most of us investors absolutely love the buildings and homes that have a ton of issues. The more repairs they need and dilapidated they are, the better. While we do indeed get the best deals in these circumstances, if you are in this business for any length of time, there is a strong likelihood that you will need to hire an architect, structural engineer, or some type of design professional.
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
Sometimes You’ll Need a Professional
Over the years, we have worked on a lot of homes and buildings that need extensive work. While some of those repairs are easy to figure out—like new kitchens, roofs, flooring, and landscaping—there are others—like cracked foundations and structural issues—that may require a professional to ensure successful execution.
Related: How to Build a Highly Effective Real Estate Team
On major renovations, you will also need to submit drawings to get the correct permits. In these circumstances, one of your team members should be an architect. We have used architects on large gut renovations and smaller projects as well. We have used and continue to use structural and civil engineers as well. This is an incredibly important expertise to have on your team. As with many professionals, however, potential slowdowns in timeline and increased project cost can come along with the specified expertise.
In today’s video, I am standing in front of one of our new renovation projects. I share three tips when working with architects:
- Use their expertise to help figure out major issues.
- Don’t let them overly run up costs your project.
- Use only what you need from them.
As always, I would love to hear your experience when working with an architect. What has worked, and what has not worked?
Let’s get some discussion going!