The cost of rehabbing a house can vary greatly depending on the scope of the project, the location of the property, and the materials and labor used. Here are some general estimates for common rehab costs:
- Minor repairs and updates: This can include things like painting, new flooring, and minor repairs to the plumbing and electrical systems. The cost for these types of repairs can range from $5,000 to $30,000.
- Major repairs and renovations: This can include things like a new roof, new windows, and major structural repairs. The cost for these types of repairs can range from $30,000 to $100,000 or more.
- Kitchen and bathroom remodels: These can be some of the most expensive and time-consuming projects. The cost for a kitchen remodel can range from $10,000 to $50,000, while a bathroom remodel can cost between $5,000 to $25,000.
- Landscaping: This can include things like new lawns, trees, and flower beds. The cost for landscaping can range from a few thousand dollars to $15,000 or more.
- Professional Fees: Depending on the scope of the project, you may need to hire an architect, engineer, or a project manager. These professional services can add 5-15% to the total cost.
It’s important to keep in mind that these are just estimates, and actual costs will vary depending on the specific project. Be sure to get multiple quotes from contractors and get a detailed breakdown of costs before starting any work.
It’s also important to factor in contingencies for unexpected expenses, and always consider the After Repair Value (ARV) of the property to ensure that the renovation costs are in proportion with the potential return on the investment.
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