Rehab Budget Builder

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How to use the Rehab Budget Builder

1
Set the size and contingency
Square footage gives you cost per square foot. Contingency covers surprises.
2
Start with the kitchen and baths
They're usually the biggest items and the ones buyers notice most.
3
Check the systems
An inspection tells you what needs work. Set anything you won't touch to 0.
4
Add finishes
Flooring, paint, windows and doors.
5
Don't forget the outside and the paperwork
Curb appeal, permits, dumpsters and cleaning.

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Use contractor bids where you have them and your best estimate where you don't. Then compare the cost per square foot with past jobs in your area.

Worked example

A 1,600-square-foot house needs a new kitchen ($18,000), two updated bathrooms ($9,000), new flooring ($7,500), paint ($5,000), HVAC work ($4,500) and smaller items. The line items total $55,000.

With a 10% contingency, the budget is $60,500, or about $37.81 per square foot. The kitchen is the largest item, about a third of the budget.

The formula

Subtotal      = Sum of line items
Contingency   = Subtotal × Contingency %
Total budget  = Subtotal + Contingency
Cost / sq ft  = Total budget ÷ Square feet

Common mistakes

Pricing from memory. Material and labor prices change. Get current bids for the big items.
Skipping the inspection. Roof, foundation, electrical and plumbing problems are the most expensive surprises.
Counting contingency twice. If you use this total in the Deal Analyzer, set the contingency there to 0%.
Over-improving. Match finishes to what similar homes nearby sold with. Extra spending rarely comes back.