Q & A Saturday – How Do You Estimate Repairs?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “How Do You Estimate Repairs?

How to Estimate Repairs - Massachusetts and New Hampshire Real Estate

In this video Shaun discusses how to figure out what repairs to do and estimate how much they will cost on a rehab project.

 

Some of the main points covered in this video are:

1)      What level of repairs are you doing?

2)      The best way to estimate – Don’t, get a pro to tell you!

3)      What to do if that is not an option

4)      Getting out and finding out costs

5)      Online resources to help you figure out repair costs

 

Finding the repairs for a rehab project is the biggest factor, after the ARV.   It is a little bit art and a little bit science.  Some things can be straight forward like getting the measurements for flooring in a normal room and getting a price per sqft installed.  However deciding what that flooring should be is more of an art.  It is important to know if you are going to have a rental or going to resell the property quickly to a home owner.  This will greatly affect what repairs and upgrades usually.

Once you know what kind of repairs you will need to do then the question of how to figure out what the costs will be to do them rises to the surface.  The best way is to get multiple contractors to give you estimates, which is rarely possible (and impractical even if it is possible).  After that if you have a contractor you know well and have a good relationship with getting them to walk the property with you before making an offer is the next best option.  After that if you have a construction background of some sort that is valuable obviously.  If you do not have that experience or a contractor that is willing to run through some places with you then you need to get out and figure out some pricing.

I still think that there is a lot of value in actually going out to some home improvement stores (Home Depot, Lowe’s, Local hardware or construction supply shops, etc…) and looking at materials and jotting down notes of what things cost.  That being said there are also several online tools that can help get you started (several linked below) and are things to look at while doing all of these other things as well.

 

Do you want to sell a house that is a fixer upper?  Do you need to sell a house in Massachusetts or New Hampshire and don’t want to figure out the repairs?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Some useful resources:

–          Our recent video on How to find the ARV.

–          Our recent video on How to find MAO.

–          The HomeAdvisor “True Cost” Guide.

–          Hanley Wood, LLC Remodeling 2016 Cost vs. Value Report 

–          Video explaining the (defunct apparently) HD PRO Estimator Tool.

–          Our Main Article on Selling a Home As Is.

–          All of our Articles and Videos on Selling a Home As Is.

–          If you want to sell a house that needs fixing in Massachusetts or in New Hampshire we can help.

 

 

 

 

(Image credit: Home_Improvement via Integrity Realty and Management)

 

Speak Your Mind

*