How to Know if You’re Paying Too Much for a Rehab

This is one of the most challenging skills to master. Remember, you don’t have to rehab properties. There are other paths you can take. But if you do, know that the rehab costs can make or break a project. 

The two keys are:

Know your costs

Build in a contingency for unknowns.

Know Your Costs

In time and with experience you will come to know what things cost so when you are creating a detailed scope of work you will have a good idea of what it should cost. As you are getting that experience, the internet is your friend. You can search for what the cost should be and we have even deployed AI tools to get estimates. 

Your reputable contractor will give you a bid on everything on the scope. If it is close to your expected number you know your experience and research are accurate. If not, dig in and learn why. Your Contractor may be pricing things too high. But you might also be pricing it too low. It’s up to you to reconcile these difference.

But what about the things that can only be discovered once you get started? Click here for more.

Leave a Reply