Have you ever stood in front of a potential investment property and wondered just how much rehab it actually needs? And more importantly, how can you accurately figure it out if you’re not a contractor?
Good news—you don’t need to be a rehab guru to estimate the costs of a house.
You just need to know exactly what to look for, and today, Cory is going to talk about it.
In our latest video, Cory shares three essential tips to help you estimate rehab costs confidently, even if you have zero contracting experience.
1. Do You Really Need to Do a Rehab?
First off, ask yourself if the property truly needs a rehab to meet your investment goals. Depending on your strategy—whether you plan to flip it quickly for a profit or hold onto it as a rental—you might not need to undertake extensive renovations. Sometimes, properties can be sold as-is to other investors or buyers who are willing to take on the work themselves.
2. Get Input from Contractors
While you might not be a contractor, getting estimates from local contractors can provide invaluable insights. Reach out to a few reputable contractors in your area to get quotes on the major aspects of the rehab, such as roofing, flooring, kitchens, and bathrooms. This not only helps you avoid being overcharged but also gives you a realistic idea of the costs involved.
3. Educate Yourself on Basic Rehab Costs
Having a basic understanding of the costs associated with key elements of a rehab can go a long way. Familiarize yourself with average prices for common repairs and renovations. Resources like cost guides or online calculators can help you make more accurate estimates. Knowing these numbers allows you to make informed decisions and negotiate better deals.
Remember, You Won’t Know Everything Until You’re Inside
It’s important to note that you won’t know the exact rehab costs until you can thoroughly inspect the inside of the property. Always budget conservatively to account for unexpected issues that may arise once you have full access.
Watch the Video Above to Learn More!
Cory dives deeper into these points and shares his personal experiences to help you navigate the rehab estimation process with confidence.
Happy Investing!
-Dustin
