How to Calculate Property Renovation Time

How do you calculate the renovation time? There are two methods:

Ask the contractor how long he needs and add 21 days to whatever he/she says.

Study your average renovation burn rate on 4-5 projects. For many, the average is about $10,000 per week. So if you have an $80,000 budget, the work will take about 8 weeks. 

Be sure you understand all of the permitting and survey requirements for your project – this should be completed prior to your purchase closing. These will add time to your Renovation Time as well. 

Summary: Renovation time = Permit time + actual work time + 21 days for bad weather or sorry excuses. 

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