In part 1 of this series, I shared that as an investor, developing the skill of estimating repairs is key to your success and making a profit. I also provides some tips, process, guidelines and first steps to take.
In this post (Part 2) I am sharing some exterior repairs and cost guidelines.
These are typical repair or replacement costs based on national averages. Costs may vary depending on your area and market conditions. Check you local rates and remember to get the best prices and quality you can negotiate. These cost estimates are based on small to mid size houses (e.g., 1,200 – 2,000 square feet). Remember the objective here is to quickly yet methodically estimate repairs so you can make the right offer to buy a house, repair it and sell for a nice profit.
Roof replacement (house size | cost): 1,200 sq. ft ~ $6,000 | 1,500 sq. ft. ~ $7,000 | 1,8000 sq. ft. ~ $8,000 | 2,000 sq. ft. ~ $10,000
Gutters $0 – $1,500 | Budget $1,000 if they are needed
Exterior paint (including trim) $2,500 – $3,000
Siding 1,500 sq. ft house ~ $7,000
Exterior doors $500 – $1,000
Garage doors (including paint) 1 car $500 – $600 | 2 car $1,000 | reframe/roof $1,500 – $2,000
Yard clean-up minor $250 | major $750 | budget ~ $500
Landscaping minor improvements $500 | major improvements $2,000
Pool (concrete) $1,000 – $3,000 (repairs, equipment, cleaning)
Miscellaneous repairs $500 (e.g.,g mailbox, doorbell, house numbers, welcome mat, etc.)
Stay tuned for OK, So What’s It Going To Cost Me? Part 3 of 3 (Estimating Interior Repairs for Rehabbing)