People are always asking me a) how bad these flips were when we bought them and b) what it costs to do certain types of updates and repairs. So here it is. My hope is that sharing this will be helpful to those of you who are budgeting for a flip or just wanting to update your home.
I can say this: this project was a lot of fun…but a lot of hard work with a couple unpleasant suprises. Although the house had a lot of potential, it also had structural issues that had to be rectified before we could begin working on the (not insignificant) aesthetic updates it needed. NOTE: Since we did the design and most of the work ourselves, we didn’t have to pay for labor for a lot of the updates. Before/After photos follow the break down of costs.
*Foundation leveled: $8900.00
*PVC drain lines inside and out; re-plumbing bathrooms/kitchen: $10,270.00
*New sub and main panels; electrical mast; outlets grounded throughout; GFCI’s added to kitchen and bathrooms: $5950.00
* City of Austin Permits: $510.89
*New furnace: $1000.00
*Trash removal: $343.71
*Miscellaneous construction supplies and tools, including paint and other items not otherwise listed: $10,111.20
*Custom kitchen cabinets by Troo Kitchens: $7703.89
*Stainless steel appliances (gas range and dishwasher): $1668.39
*New windows and backdoor: $8252.00
*Landscaping (including stone pathway and patio): $462.16
*Bathroom vanities and light fixtures (Ikea): $972.24
*Re-texturing of walls and ceilings (‘taping and floating): $2100.00
*Quartz countertops (kitchen): $2445.00
*Carpeting in guest bedrooms: $1063.42
*Tiles (backsplash kitchen and master bath. NOTE: Guest bath tiles fall under ‘miscellaneous’ costs): $950.16
*Wood floors (living areas and master bedroom): $ 4009.92
*Glass panels for master bath: *419.39
Total for repairs (not including carrying costs [i.e. taxes and utilities]): $66,689.21
Purchase price: $203,000
Sales price: $409,000
***Note: not factored into costs are real estate commissions and title fees.