Estimating Cost of Repairs?

[Dublin ohio]

Homewyse.com is interesting. Do you use that for your reports?

I have used it a few times. But I rarely run into repairs of any note. For some things I have quite a few contractors I know that will give me a sf price for things like flooring, drywall work, painting. Lowes and Home depot list some basic installation costs for things like water heaters under the assumption that it is just a basic swap out without major plumbing changes.

 

[Surf Cat]

I use www.homewyse.com. Enter your zip code and repair items and attach it to your work file.

It's just an estimate. Make sure to add cya commentary that should estimates require more or less than estimated, you have the right to change the estimate of repair and or your opinion of value.

 

[J Grant]

I always give repairs as a range, not one figure.

Replace electrical panel , $2000-$2600 (for example). I also write it is an estimate based on recent figures and can vary per local contractor costs.

 

[Terrel L. Shields]

Let me enumerate some thoughts on cost estimates:

Buy a book...not M & S unless you want to pay for the Dodge book...
National Building Cost Books are cheap relative to M & S.

The best for estimating repairs is the insurance book - $100. You might even find it cheaper on Amazon. This is for repairs and are more accurate. Even if not "accurate" it is SUPPORT and that is what USPAP requires. SUPPORT your adjustments. Order direct from Craftsman books or Amazon.

 

[Surf Cat]

For some things I have quite a few contractors I know that will give me a sf price for things like flooring, drywall work, painting.

In acquiring estimates for renovations from contractors of repairs that I can't do (at least on our own place), I've found contractors to be "all over the place" in their cost estimates. At least here in Cali.

When you utilize an estimator such as Terrel posted, or Homewyse, you have something to retain in the file for support.

 

[Fernando]

Is it a sale? Agent would have estimate how much the repair work would cost.
One time I was creative. At time of inspection, contractor happened to be in house. I asked him how much it cost?
I thought it would cost $5,000 (what do I know). It only cost $2,000.

 

[J Grant]

Over time, we accumulate knowledge in addition to published sources. Doing 203k work is great because we get handed contractor estimates to repair or add features.
Ask an owner or builder at a site what something costs. If the owner mentions they just got the roof replaced, ask how much it cost. The file it away in records and in mind as a reference. We get a working idea of common repairs and replacements that way.

 

[Tom D]

I feel underused with none of my clients asking for a cost approach or cost of repair items.
I must be leading a life of easy appraising, poor me. Although in the last bunch of years, it seems like i was only doing rehabd row flips in this old city. And i was probable being paid the same as you suburn people for my easy appraiser life.

 

[Zoe]

Buy a book...not M & S unless you want to pay for the Dodge book...
National Building Cost Books are cheap relative to M & S.

The best for estimating repairs is the insurance book - $100. You might even find it cheaper on Amazon. This is for repairs and are more accurate. Even if not "accurate" it is SUPPORT and that is what USPAP requires. SUPPORT your adjustments. Order direct from Craftsman books or Amazon.

View attachment 89916

Try ebay, or other sources for one. I just saw a 2021 book for $8, free shipping. Just searched the name of the book with no year in search.

BTW, I like all the references posted here so far. Many are free.

You may find an appraiser post one online that just bought one and quit or died.

 

[Zoe]

This is a good one too:

CostHelper Home and Garden

CostHelper Home and Garden - Find out what price other people are paying. Contains information on how much various Home and Garden goods and services should cost.

home.costhelper.com

Remember you are truly estimating costs or depreciated costs in an appraisal. ESTIMATING.