Repair Costs

How do you determine repair or rehab costs?

Gather estimates from contractors?

?Believe the sellers estimates!?

Comments(5)

  • mcole13th December, 2005

    I would NEVER take the seller’s word on what repairs are going to cost. Getting estimates from professionals is probably the best way to go. After awhile, you’ll start to get an idea on what different things cost in your area. But Ioftentimes, I also get a professional home inspection done before I buy, just to make sure I’m not missing anything. And when I’m estimating costs, I try to estimate high and have a contingency factor to cover anything unexpected that may come up.

  • personalvoice14th December, 2005

    Isnt a home inspection a requirement before investing?

  • IBuyHousesInc14th December, 2005

    We developed an excel spread sheet to help determine costs... it is a rating system of all of the components in a house and what stage of ugly they are in...

    And inspections may be at the request of the lender however most of the time they’re requested by the buyer...And the more experience you have the less you will need to spend money having someone else give you their opinion.

    Keep in mind the extent to which a home inspector has liability for "missing" something on a report is the price of the report itself.

    The advantage to an inspection is that you can go over it with the seller to try and reduce your cost to purchase.

    Just food for thought...
    [addsig]

  • personalvoice14th December, 2005

    Still i thought it was prudent for an investor to have a home inspection completed?

  • personalvoice15th December, 2005

    Does an inspection give cost estimtes for repairs also?

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