Rehab estimates help
If the foundation of a home needs work, how would I estimate my repair cost on a home that has 1800 square feet ?
or should I just not try to put it under contract?
@Bashir Hopewell, what kind of work?
A foundation might need parging which is cosmetic.
It might be cracking and heaving inward which might require both dealing with exterior ground moisture and also stabilizing the foundation from the inside with one of a few options.
It could be many other issues as well. Some of which can be estimated without any fuss but some of which might require a specialized contractor to evaluate and estimate.
Almost any deal is a good deal at the right price and any distressing condition is an opportunity if you are able to tackle it. So, I wouldn't say its something to avoid so long as you are able and willing to deal with it and of course get a good deal on the purchase.
Quote from @Kevin Sobilo:
@Bashir Hopewell, what kind of work?
A foundation might need parging which is cosmetic.
It might be cracking and heaving inward which might require both dealing with exterior ground moisture and also stabilizing the foundation from the inside with one of a few options.
It could be many other issues as well. Some of which can be estimated without any fuss but some of which might require a specialized contractor to evaluate and estimate.
Almost any deal is a good deal at the right price and any distressing condition is an opportunity if you are able to tackle it. So, I wouldn't say its something to avoid so long as you are able and willing to deal with it and of course get a good deal on the purchase.
Thank you. I ran it as $25 x the square feet of the house and got around 50k for a full rehab . Does a full rehab include foundation?
Quote from @Bashir Hopewell:
Quote from @Kevin Sobilo:
@Bashir Hopewell, what kind of work?
A foundation might need parging which is cosmetic.
It might be cracking and heaving inward which might require both dealing with exterior ground moisture and also stabilizing the foundation from the inside with one of a few options.
It could be many other issues as well. Some of which can be estimated without any fuss but some of which might require a specialized contractor to evaluate and estimate.
Almost any deal is a good deal at the right price and any distressing condition is an opportunity if you are able to tackle it. So, I wouldn't say its something to avoid so long as you are able and willing to deal with it and of course get a good deal on the purchase.
Thank you. I ran it as $25 x the square feet of the house and got around 50k for a full rehab . Does a full rehab include foundation?
I don't use rules of thumb like that. I put in a little work developing a high level scope of work, assigning values and 3 resulting estimates so that I can not only determine what I think it will cost but what the best and worst case scenarios likely are.
I buy distressed houses needing more than cosmetic rehabs. So, a simple rule of thumb would not account for the wide variability in what it might cost.
I presume your rule of thumb provides mostly a cosmetic rehab with a certain level of finishes. So, my guess would be a big NO to it including the foundation.
I agree with Kevin. The rule of thumb can be useful for sizing something up to determine if it's worth investigating more. Before you make an offer, find out all you can. It might even be worth it to reach out to your contractor for a quick conversation. If you've looked at the house, including the foundation, I'd make a list of all the repairs you think are necessary.
This is also what inspection clauses are for. Make your best estimate with the info you have. If during inspection it turns out to be a light repair, great--you've accounted for that. If it turns out to be really serious, like described above, then you can renegotiate with the seller and/or cut bait.
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Quote from @Bashir Hopewell:
Quote from @Kevin Sobilo:
@Bashir Hopewell, what kind of work?
A foundation might need parging which is cosmetic.
It might be cracking and heaving inward which might require both dealing with exterior ground moisture and also stabilizing the foundation from the inside with one of a few options.
It could be many other issues as well. Some of which can be estimated without any fuss but some of which might require a specialized contractor to evaluate and estimate.
Almost any deal is a good deal at the right price and any distressing condition is an opportunity if you are able to tackle it. So, I wouldn't say its something to avoid so long as you are able and willing to deal with it and of course get a good deal on the purchase.
Thank you. I ran it as $25 x the square feet of the house and got around 50k for a full rehab . Does a full rehab include foundation?
A full rehab on an 1,800 sqft house will never be so low if it needs all three mechanicals, the roof, full interior, plus foundation repair. You are looking at at least $80k!