MAKING MONEY with DIY HOME RENOVATION: Inspection and Estimate list

Welcome

Welcome fellow renovators, Please enjoy the site. I have deliberatly tried to keep my posts to the point, and in clear language, in order to pass what I know to you the reader. There are a lot of ways to make money from residential property, and there are a lot of ways to renovate. The way I advacate is to do as good a job as possible. To re-invent each house as a modern well equiped home, with many years of enjoyable, trouble free, living ahead of it. it gives me pride when I sell a property, to know the new owner is getting value for money. there are much easier and quicker ways to make a profit, a quick slap of paint, new tiles and taps, new carpet and back on the market. I say good luck to those that can, but I like my way. I wish you well with whatever projects you begin and offer my advice freely. Please ask any questions regarding residential building design, technology and renovation in the comments section below the blogs.

Yours truly
Jeff Carey
Haricon

Tuesday, February 19, 2008

Inspection and Estimate list

I use a simple list to note my impression of a property as I inspect it. You can then use the photo's and notes to estimate costs for each job to be done, I always include my labour and tax in the estimates.
Make an (o)offer in consideration of the (a)price you think you can get for the finished home - (b)10% for profit - (c)the estimate for costs
So the equation for an offer would look like this
a $260,000 - b $26,000 -c$68,000 = o $164,000
This gives you a good starting point with plenty of scope for movement, its just a matter of doing the sums.