Skip to main content

Help with estimating renovation costs before first home purchase

How to estimate upgrade/reno costs before home purchase?

I’m searching for a home as a first timer (to live in not rent), and it seems every home available within my price range, needs some sort of change/upgrade. Typically either new floors (replace carpet or tile with vinyl on the first floor, probably ~1100 sq ft), new cabinets, new countertops or all three.

There are homes at the top of my budget that may just need one of these, and homes below budget that may need all 3. And I’m trying to figure out how to budget/estimate this work before I put in offers.

Ex: if a house is 60K beneath my max budget, is it reasonable to think I could replace floors, cabinets and counters for that amount? Or if a house is only 10K below, could I get any of these things done? (Not doing any work myself ideally as I tend to install things extremely crooked lol)

I’m basically looking for ballpark estimates for each of the 3 jobs above (I get that it’ll vary by location etc—I’m in ATL if it helps—but just looking for somewhere to start).

But also, surely I’m not the first person to run into this…so did anyone work with a contractor or someone before putting in offers, or during the inspection phase to get an idea? Or do you buy first and pray the renovation estimates work out in your favor later?

submitted by /u/managedmschf
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/132onew/help_with_estimating_renovation_costs_before/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/