Estimating Cost of Repairs?

[Zoe]

I think the possible first ever female MAI in America quit a short time after appraising. She specialized in Hotels. I read some of her reports. She was good.

She just didn't like the profession is what father told me.

 

[The Bob]

Most, not all, of the time you can estimate 3x the cost of the materials. So if you estimate $600 in materials to repair a deck, that would be $1,800. A gallon of paint is roughly $40. it takes a gallon of paint for a normal size bedroom, so that would be $120 to repaint a bedroom.

This is based on my experience working with contractors on houses I've flipped.

 

[Zoe]

Most, not all, of the time you can estimate 3x the cost of the materials. So if you estimate $600 in materials to repair a deck, that would be $1,800. A gallon of paint is roughly $40. it takes a gallon of paint for a normal size bedroom, so that would be $120 to repaint a bedroom.

This is based on my experience working with contractors on houses I've flipped.

you may be off on a gallon of the most expensive paint. Labor I don't know. Paint is pretty steady across USA. Labor is different story. That is why the sources mentioned go local in overall cost estimates. And how many coats on the finished product?

 

[Zoe]

If you go to somebody like Home Depot or Lowes and hand them building plans, they will give you a detailed cost estimate based on the building plans you hand them.

It is still an estimate. If they do it, the estimate gets better because they hire the contractor to do it.

 

[Fernando]

It’s part of the skill you develop during your experience portion of training. I’m sure parea will cover that in one of its modules.

while we aren’t contractors, 10-20 years of going out to properties talking to owners about their renovation projects and costs, etc., you develop some sort of idea on a ballpark figure for estimating Construction costs.

And watching HGTV renovation shows help. I'm surprise how cheap it cost to remodel in other parts of the nation.

 

[Zoe]

Home depot will do it for free. Lowes is same way. You don't have to use a contractor they hire the last time I checked. It may take a week or two for the estimated cost to build based on their material costs only. You know some builders use them.

you may have to pay for it now. I don't know.

 

[Appretiare]

I appreciate all the responses from everybody! Lots to think about based on the responses posted here.

 

[alebrewer]

From the FHA handbook (bold added by me):
"The appraiser must indicate the extent of repairs and note this in the appropriate section of the appraisal,or in the “additional comments” section, or in an addendum, under the heading of “Reconciliation –Required Repairs” listing the repairs noted together with an estimated cost to cure."

So, if folks are doing FHA appraisals, and are requiring repairs, and are NOT listing an estimated CTC, you're out of compliance.

To the OP: FHA doesn't require you to 'report' the source of your estimates - only the estimates themselves. Whatever source you use, though, I'd keep a copy in my workfile. So long as you have documentation of where you got the estimates, I really doubt a state board is gonna push to hard about whether those are accurate or not. To J's point, using a range is a bit of a CYA as well.

 

[Appretiare]

From the FHA handbook (bold added by me):
"The appraiser must indicate the extent of repairs and note this in the appropriate section of the appraisal,or in the “additional comments” section, or in an addendum, under the heading of “Reconciliation –Required Repairs” listing the repairs noted together with an estimated cost to cure."

So, if folks are doing FHA appraisals, and are requiring repairs, and are NOT listing an estimated CTC, you're out of compliance.

To the OP: FHA doesn't require you to 'report' the source of your estimates - only the estimates themselves. Whatever source you use, though, I'd keep a copy in my workfile. So long as you have documentation of where you got the estimates, I really doubt a state board is gonna push to hard about whether those are accurate or not. To J's point, using a range is a bit of a CYA as w

I agree that if you have a source for your cost repair estimates, you shouldn't have to worry about a board inquiry. That's what started this thread: I'm looking for better source data for my repair estimates. The source of my repair estimates already go into my addendum and work file.

 

[Terrel L. Shields]

I agree that if you have a source for your cost repair estimates, you shouldn't have to worry about a board inquiry. That's what started this thread: I'm looking for better source data for my repair estimates. The source of my repair estimates already go into my addendum and work file.

FYI - the cost books from Craftsman do have downloads which allow you to prepare a bid and save it as a file. You can simply cut and paste or import into the report.