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Repair Costs

Discussion in 'Urgent - Help Needed' started by BJ, Sep 15, 2011.

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  1. BJ

    BJ Sophomore Member

    0
    Jan 21, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Is there a free website that is useful for estimating repair costs? It would be beneficial for a new client that has started to give me REO work. And if no such thing exists, how do you guys estimate repair costs? Thanks in advance.
     
  2. Riick

    Riick Elite Member

    68
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Marshall & Swift publish a paperback on Repair/Remodeling costs.

    .
     
  3. Mr Rex

    Mr Rex Elite Member

    285
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Call the local broker that handles all the REOs and get contact info for his or her subs or the P&P contractors in the area and ask them for some assistance.
     
  4. CANative

    CANative Elite Member

    530
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  5. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    941
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    The Craftsman books and the R S Means books work well as estimators and are cheaper than Dodge M & S. I find the best version is the "Renovation & Insurance Repair Estimator" - take time to really study it and you can create an estimate pretty easy. You need to estimate the quantities however so measure as needed...

    I print to paperport and the resize and paste into the report
     
    Last edited: Feb 11, 2012
  6. vanguard

    vanguard Member

    0
    Oct 18, 2004
    Professional Status:
    Retired Appraiser
    State:
    Minnesota
    RS Means has some helpfull books. Dig through their website for residential cost info. They have residential interior and exterior cost guides that are not too expensive. They also have a residential repair and remodeling cost guide as well as a square foot cost guide that is similar to Marshall & Swift. Bluebook Int'l has a cost guide that is used by insurance companies to estimate repairs. They also have some appraiser resources as well as residential estimating software. Craftsman books are a great resource. Links are listed below

    http://rsmeans.reedconstructiondata.com/

    http://www.bnibooks.com/index.asp

    http://www.bluebook.net/products/cost-guide/

    http://www.craftsman-book.com/
     
    Last edited: Sep 15, 2011
  7. Denis DeSaix

    Denis DeSaix Elite Member

    532
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    AppraiserBase (Bluebook) has an on-line subscription service: RepairBase. I've used it for several times for investor-rehab appraisals. I like it.
     
  8. Calvin the Airedale

    Calvin the Airedale Elite Member
    Gold Supporting Member

    0
    Aug 17, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Develop a relationship with the flip investors that you find active in your market. Ask not just about cost ranges for various types of work but about their marketing, financing, profit, buy-sell, strategies and et cetera.

    That, in addition to several of the sources as cited in this thread will, over time, give you a good handle on cost ranges.
     
  9. PropertyEconomics

    PropertyEconomics Elite Member

    1
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    It will also give great data to develop a "profit" margin based upon capital outlay, improvement costs, costs of sales, when compared against the selling price.

    Great data if you can get it ... better than you will find in any book but cannot be replicated by a reviewer.

    Use of both published and private data would be very prudent in development of a credible appraisal report.
     
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