Real Estate: Estimating Repair Costs
50mBeginner2020-10-28
Authors
WealthFit
An e-learning company focused on financial education
Madecraft
Full-Service Learning Content Company
Course details
In real estate investing, nothing can be worse than buying a property only to uncover unexpected costs. Before you sign off on a purchase, it's essential that you perform due diligence when estimating the cost of repairs. In this course, learn how to analyze all aspects of a property–from the kitchen to the HVAC system—so you won’t have to worry and stress about encountering unpleasant surprises that drain your finances and turn your investment into a flop. Learn, how investors can leverage repair estimator tools, as well as how to estimate repairs quickly and accurately. Plus, discover exactly what you need to look for while inspecting a property for repairs.
Skills covered
Small Business FinanceSmall Business and EntrepreneurshipFinance and AccountingOne-Off
Concepts
Introduction
- Repairing your properties
- Overview of estimating repair costs
Outline on Repair Cost Analysis
- The purpose of repair estimates
- How to use a repair estimator
The Exterior
- Identifying the curb appeal of your home and surrounding homes
- Repair or replace the roof of your home
- Scaling your budget for exterior fixes
- Assessing the masonry and paint repairs
- Pricing for new windows or repairing old ones
- Looking at the garage details
- Landscaping needs and where you should not spend
- Deck and pergola replacements and repairs
- Dealing with pools and septics
The Interior
- Enhancing the home using painting
- Working with flooring
- Pricing your kitchen for your market
- Updating bathrooms using size and contract work
- How changes to the structure of the home or walls can be priced
- Picking doors and trim work that fits the size of your home
- Working with foundations and basements
Mechanics
- Updating HVAC systems
- Accurately budget for plumbing and electrical
- Identifying costs to host demolition and price dumpsters
- What permits you need to excel
- How to not skimp and save when budgeting for staging
Conclusion
- Next steps in estimating your repair costs