Generalized Repair Costs

Investors are often pressed for time. They have little time to do what they would like to in the business of real estate. Investors tent to look at properties, evaluate them, find out the repair costs, and make offers.

This can take up quite bit of time. Because of this many investors find ways they can cut down on the time they use when evaluating properties.

Investors may estimate repair costs using a general repair cost matrix. The idea is this: suppose you have a group of repairs - say, plumbing. The plumbing could consist of a new kitchen sink, new vanity in the bathroom, new faucets in the kitchen and bathroom, new toilets and a new tub. Suppose you add all the costs of the material together as well as all the costs of the labor to install the item. Now you have a total. With the total you can divide this by the square footage of the property and get a cost per square foot for the property. If you knew the average cost for plumbing then added a little just in case you could run this cost every time you viewed properties.

This would cut down on your overall repair estimation time and allow you to simply look at the square footage of a property and find a plumbing costs.

The next task will be simply to find the cost for all of the packages you may use in rehabbing a property.