Whether you’re buying a home to flip or just selling your current home, repairs will be needed to get it listing ready. The trick here lies in getting the home in the best shape possible – maximizing its appearance while minimizing costs and staying within budget by estimating the repair costs accurately.
The good news is you don’t have to be an expert at home repairs to to avoid making the most common mistakes sellers make estimating repair costs. With a little education, you can be as prepared as possible to know a bit more about your home and what it will likely take to get it ready for sale.
To help you out, here’s a brief guide on how to accurately estimate the repair costs of your home in Boston.
Why You Need to Estimate the Repair Costs
A common mistake sellers make is inaccurately estimating the repair costs for their home. Whether sellers estimate these costs too high or too low, it’s often the result of not knowing and inexperience. Either way you’re setting yourself up for a rough situation.
If you underestimate the costs of rehabbing a home, you’ll spend weeks rehabbing it, but you’ll find when you sell it that your profit will be far less than you expected. Conversely, if you overestimate the cost of a project, you might either make a bid that’s too low to be accepted by the seller or be beaten out of the deal by a rival investor who estimated costs correctly and was thus able to outbid you.
Steps in Estimating Repair Costs
There are some standard steps you can take to accurately estimate the repair costs of your home in Boston. These include assessing the following:
THE BASIC STRUCTURE
Hiring a home inspector is an excellent investment, but it’s no substitute for a professional assessment of major structural problems. If the building has major structural damage, such as dipping ceilings or obviously off-level floors, you should hire a structural engineer to examine the home and give you a conservative appraisal of how much it will cost to make it habitable.
The next step in estimating repair costs involves looking for common dangers. The inspection should find these, but that’s not always the case. So examine the home for these dangers:
- Lead-based paint
- Lead in the water from old plumbing
- Mold and mildew
- Hidden pests such as termites
- Hidden water damage
- Sewer or septic-system problems
TYPICAL INSPECTION POINTS
Next, be sure to carefully assess all the points a typical inspection covers. These aspects of your home must be in good shape. If not, they’ll need to be addressed and the repairs factored into your estimate.
- Exterior and interior walls
- Exterior concrete
- Electrical, plumbing, and HVAC systems
- Windows and doors
- Trim and molding
- Kitchen and bathrooms
- Closets and other built-ins
THE DETAILS AND APPEARANCE
In order the accurately estimate the repair costs, not only do you need to examine major and structural components of your Boston home, but you’ll also need to consider the details and the things that enhance appearance. These include:
- Exterior and interior paint
- Fireplace and chimney
- Garage condition
- Appliance installation
- Deck and patio
Also, keep in mind that repair costs often go beyond the actual repairs themselves. These are things that contractors often don’t include in their bid, so be sure to consider the following for your estimate:
- Waste disposal
Expect the Unexpected
Also, be aware that if you want to accurately estimate the repair costs of your home in Boston, you need to expect the unexpected. Costs may fluctuate, and some things may wind up costing less than you anticipated while others cost more.
In addition, repairs can often take longer than expected (due to any number of unforeseen events such as inclement weather), and that adds to the cost of the repairs. Since the more time you own a property before the re-sale, the higher your expenses like taxes, insurance, utilities, and maintenance become. The faster you get it done, the bigger your profit will be.
Partner With Your Boston Agent
Finally, accurately estimating repair costs is only part of the job. If you, like most of us, don’t have the skills and/or time to perform the repairs yourself, you’ll need to hire a contractor. But finding an experienced, qualified contractor is often much easier said than done.
Most agents have a broad network of other professionals they can call on, so your agent should be able to recommend a reputable contractor, one you can trust and who will do the work well. So when you estimate the repair costs of your home in Boston and are ready to move on to making the repairs, contact us at NextHome Titletown Real Estate today at (617) 657-9811.