So you have watched 10 episode of Flip This House on HGTV and you have decided to become a flip king as well! Here are some basic guidelines to estimate Fixer Upper Repair that you can use to determine your initial decision to consider a home for a flip:
Roof: Does the home need major roof repair!? Allocate $6,000 for Small (Single) Roof and $9,000 for Full Roof. If you have to remove multiple layers of shinglaes installed, you need to add $2k for labor and dump costs.
Exterior Siding: Single Family Home with 1,500 sqft would cost you $2,500. Increase this estimate depending on the size of the property.
Windows: If the project calls for Windows to be replaced, it would be safe to allocate $300 for each window. We strongly recommend Anderson Windows is a wonderful alternative to Vinyel Windows if you have a fixer upper flip in a high end neighborhood. If you will need larger French or Sliding Doors allocate $800 per door.
Landscaping: Allocate $1500-2,000 for front and back yard landscaping of your Fixer Upper, but schedule it after all the remodeling work has been completed.
Plumbing: Pluming repairs in a Fixer Upper could add up to major costs depending on the repairs. It’s safe to budget $3,500 per floor for small batrhroom remodels. Also allocate $500 for a small kitchen remodel for the pluming.
Heating/Cooling: Hot water heaters are around $800 installed and its smart to allocate $1500-$3,000 to AC units depending on the size of your fixer upper home.
Electrical: Adding recessed lights gives a home a much more modern feel and is not that expensive with each can costing less than $10 depending on the style and trim you choose. If you have to change the panel, then allocate another $1,000 for the panel.
Foundation: Foundation repairs in a Fixer Upper could be critical cause any problems in the foundation could lead to cracked sheet rock in walls and ceiling.
Flooring: Every major fixer upper will require flooring which is not that expensive these days. Allocate $2-$5 dollar for each sqft of flooring that you have to repair. This estimate include both labor and material. Some of the pre-finished Engineered wood floors are wonderful and can save tons of time and money from staining the raw wood multiple times.
Garage Door: Garage door goes to the 1st impression that a remodeled fixer upper creates. So, it’s wise to update the garage door for about $1,000 depending on the impression you want to make. If you are working on a higher end Fixer Upper, then you need to allocate 2-3k for this item in your budget.
Naturally these are estimates and you will need to Get Bids before you get started.
Also, feel free to Contact Us if you want us to get a FREE eBook on the After-Repair-Value of your home.