Knowing how to estimate the cost of repairs is not easy to do. Especially in our current climate of inflation and escalating costs. The cost of home repair will vary depending on the city and state where you reside. In general, larger cities like San Francisco and New York will be much more expensive. Since we are a North Carolina-based home buyer we will stick with NC for our estimates.
All homes sold on the MLS go through an inspection process sometimes referred to as a due diligence period. Knowing what repairs need to be made on a home and what those repairs can potentially cost will help you during any negotiation.
Read on as we explore how to estimate repairs when selling your house in Raleigh.
Scope of Repairs
Does your home need simple flooring and paint or a full remodel? When you have lived in your home for many years it is hard to know. One question we always ask is the age of the major systems. This includes roof, HVAC system, well and septic tank, crawl space, water heater, etc. The roof and the HVAC are usually the most expensive items to replace.
As a general rule of thumb, the older the home the more items tend to get flagged on inspection reports. Homes built after 2000 are generally easier to deal with. However, if your home was built prior to 1990 it would be a good idea to contact a few contractors in advance or to set some money aside for concessions.
It takes time to gather estimates for repairs when selling your house in Raleigh, so you will need to be patient as you contact industry pros and schedule your estimates; leave yourself up to a month for this part of the process. And don’t forget to inquire with each professional about how long they estimate your project will take so that you have a realistic picture of how long it will be before your property is ready to place on the market. Now, if time is of the essence, you may want to consider working with a direct buyer, like those at Wake County Home Buyers will buy your house as-is!
Do Your Research
Do your research on any contractor or trade professional before hiring them. Do they have certified testimonials on Google? You can also check with the Better Business Bureau for reviews. Also, you can check the North Carolina Licensing Board for General Contractors (https://nclbgc.org/) and see if their license is current and in good standing.
Wake County Home Buyers buys and sells at least two dozen houses per year. Even after a full renovation, there will be items that come up on an inspection report. If a full renovation has not been done it is not uncommon to see a 60+ page report come in with a huge list of repair items. It’s best to prepare yourself for this in advance. As of this writing, it is not uncommon for a full renovation on a home, including all new kitchen and baths, to exceed $60,000.
If you are hiring a contractor to manage the repairs it is best to get at least three estimates from a local reputable company. I’ve provided some general guidelines below on what items should cost as of the date of this writing.
New Roof (Depending on Square Footage)
$7,000 – $10,000
AC/Heat Pump $7500 – $10,000
If it is gas powered “gas-pack” add on an extra $2,000
$10,000 – $20,000
$6,000 – $15,000
Interior Paint (Not including removal of popcorn ceilings.)
$2.25 – $3.25 per square foot. (popcorn removal is about an additional $1.80 to $2 per square foot)
$3 – $5 per square foot depending on the material used. Hardwood/LVP is far more expensive than 25oz carpeting.
Unfortunately, the price of materials, and labor, has been steadily increasing each year. I’ve tried to provide a general range of the most expensive items.
Often, there are many variables involved in selecting the materials that your contractor will install. The cost plays a significant role in making your final decision. Take the time to educate yourself about the installation, use, and care of materials so that you don’t get caught off guard, and your contractor is not surprised down the road by special installation instructions for a new product. Educating yourself about the costs of supplies, appliances, or anything else you will need for the job can help you make better decisions when selling your house in Raleigh. Fortunately, you can research the cost of most materials online. But don’t forget to factor in the labor cost. In addition, doing some footwork before attaining your estimates can help you understand the quality of materials your contractor is basing their estimate on for the repairs.
Wake County Home Buyers
The local cash home buyers at Wake County Home Buyers will meet with you and help you review your options. We buy houses as-is! This means you will not be asked to make ANY REPAIRS! You don’t even have to clean. You can simply cherry-pick the items you want to take with you and leave the rest. Contact Wake County Home Buyers today at (919) 473-6885. Wake County Home Buyers at (919) 473-6885.