average for updating/rehabbing estimates

[REI NOOBSTER]

I know that it varies greatly but I am trying to figure the average on updating an entire kitchen. I once heard someone say 40k can do a whole house in most cases. I want to find an average costs to give to my potential buyers.

For example I found a house that I could get under contract for 85k and ARV is around 150k. I think it is safe to say I could have the entire kitchen done for 15k but I don't know.

[giJ]

There are a lot of variables to consider --

1. Are you doing the labor yourself or contracting it out?
2. Where are you? (especially if you're contracting it, location effects cost)
3. How big is the kitchen? One of my properties has a kitchen that's a galley, but one has a huge 20X17 kitchen.
4. What is your final goal? I do different things for properties I'm going to rent as opposed to flip (types of counters, types of appliances, etc)
5. Who is your target? Individuals looking at entry level houses versus higher end, etc.

[Rich_in_CT]

Start by reading this:  http://www.amazon.com/Flip-Rick-Villani/dp/0071486100/sr=8-1/qid=1170690068/ref=pd_bbs_sr_1/104-1798992-6890312?ie=UTF8&s=books

[REI NOOBSTER]

There are a lot of variables to consider --

1. Are you doing the labor yourself or contracting it out?
2. Where are you? (especially if you're contracting it, location effects cost)
3. How big is the kitchen? One of my properties has a kitchen that's a galley, but one has a huge 20X17 kitchen.
4. What is your final goal? I do different things for properties I'm going to rent as opposed to flip (types of counters, types of appliances, etc)
5. Who is your target? Individuals looking at entry level houses versus higher end, etc.

I am wholesaleing it. There is a book that offers averages of home repairs. It cost $70 though. It has average repair costs for per sq ft and has levels of the upgrades.

[ericmedem]

There are many items that go into a rehab, I do things different than most people for instance, one home that i closed on needed to have all cabinets, toilets, tubs, carpet, furnaces, waterheaters, and doors tore out.  I paid the locals $97 to tear it all out, it took 3 hours and 4 guys, then I paid a local $180 to haul it all away. so day 1 I had all tear out done and removed for under $300 contractors would have had me paying upwards of $3000.

For the kitchen in this case we put in new maple cabinets, and new counter tops, this cost roughly $1100 for materials and $300 for install. Then I need to drop a sink in for $200 sink (Solid surface) $160 for faucet and aroud $70 for labor on the sink install. All in all a brand new kitchen installed for under $2,000 including new flooring $.88sqft vinyl, and $.37sqft for install.

If you know what your doing you can do a complete kitchen remodel including tear out for under $2500. Mind you I didnt do any of the work except for write checks.

Eric Medemar

[BobbiOh]

God, I hang myself if I did a standard sized kitchen for $15K.

Our kitchens usually run about $5-6K for materials (10X10) and that's wood cabinets, granite counters and tile floor. We typically do the majority of work ourselves leaving the plumbing, HVAC and electrical to the experts.

I would suggest that you do some serious leg work regarding material pricing, if you're looking to get into rehabbing.

[Jess]

"For the kitchen in this case we put in new maple cabinets, and new counter tops, this cost roughly $1100 for materials and $300 for install. Then I need to drop a sink in for $200 sink (Solid surface) $160 for faucet and aroud $70 for labor on the sink install. All in all a brand new kitchen installed for under $2,000 including new flooring $.88sqft vinyl, and $.37sqft for install. "

I admire your enginuity at getting the Kit stripped down. Cleaver.

Would you share more information on the material and where you purchased it at that price? Ie "formica!, Home Depot etc?
 
Thanks
Jess McLean

[Rich_in_CT]

Our kitchens usually run about $5-6K for materials (10X10) and that's wood cabinets, granite counters and tile floor. We typically do the majority of work ourselves leaving the plumbing, HVAC and electrical to the experts.

Do you do your own granite or job that out too?  I know that's probably the most daunting task of all of it.

[DannyTheGreat]

Most granite suppliers will do the install as part of the package. By BobbiOh's price's, they've got a granite quarry in their backyard they just pluck from and use slave labor  .

To the original poster: If all you're interested in is vague, average numbers. Remodeling magazine comes out with an annual cost/ value chart with average regional costs for things like this.

In 2006 for a midrange kitchen remodel, the national average was $17,928 for something minor and $54,241 for something major. Upscale major kitchen remodel average was $107,973. You'd have to assume these are done by remodeling contractors (the most expensive kind) so these numbers are quite a bit high for my liking.

[Rich_in_CT]

Most granite suppliers will do the install as part of the package. By BobbiOh's price's, they've got a granite quarry in their backyard they just pluck from and use slave labor  .

I've seen on some of the flip shows them being quoted independently for materials and labor, figured it was possible but not likely that she could buy the material and diy.  Doing the work definitely seems like highly skilled labor. 

Danny, I know you are big into the acid stained concrete floors.....have you ever used it for countertops?  I imagine the look would be relatively good for a more reasonable price?  Might be a cool option for houses that are above standard but not quite luxury homes.

[DannyTheGreat]

Actually Rich, I have never done concrete countertops. I've come close many times but always went the safer route. The pro's who do this specifically charge close to what any granite would cost althought I'm sure some more digging would uncover more reasonable prices.

I once saw a concrete countertop with fiberoptic lights that made up the constellations in a building material expo. With all the versatilities of concrete, I believe this will be the next trend in countertops during the next upswing in the markets.

[Rich_in_CT]

Well if the price is nearly the same I'd probably opt for granite, to the uneducated it would sound far nicer in the the 4 line text ad in the Sunday paper.  After all a little bit of a price difference isn't worth it if there is an extended hold time, the few bucks saved would be eaten up quickly with the extra holding costs.  Now if I could save a bunch of cash and find a snazzy way to market it I would think about it.

[DannyTheGreat]

It would take a sophisticated buyer to go for the idea of concrete countertops without seeing a picture. Most would imagine an ugly flat grey slab. This is an upscale application even though it could be and should be dirt (cement, aggregate and water) cheap. If you ever find yourself rehabbing a contempory mansion, this can be a good way to save some money without jeopardizing material quality.

Eventually, this will be more accepted in the lower tiers of houses.

[Rich_in_CT]

It would take a sophisticated buyer to go for the idea of concrete countertops without seeing a picture. Most would imagine an ugly flat grey slab. This is an upscale application even though it could be and should be dirt (cement, aggregate and water) cheap. If you ever find yourself rehabbing a contempory mansion, this can be a good way to safe some money without jeopardizing material quality.

Eventually, this will be more accepted in the lower tiers of houses.

Definitely seems like its one of those things that you pay a lot more for labor than you do for materials.

[DannyTheGreat]

Absolutely! It would take a very skilled mason to get the surface as smooth and level as it needs to be. I'd hate to be the mason's laborer who cleans up the dust after they get done sanding.