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Home > Bank Foreclosure > Foreclosures In 15 Minutes > Foreclosures - How Much Will It Cost To Repair The Foreclosure Home? Foreclosures - How Much Will It Cost To Repair The Foreclosure Home? After looking at the comparable sales, the investor need only reduce the repairs to understandable figures in order to calculate if the foreclosure home can be purchased and repaired for 75% of its market value (the 25% equity magic number).
To estimate repairs one could have any number of contractors offer bids and submit proposals, however the time required for meeting with three contractors and getting proposals may not be available.
A quick-thinking, fast-acting investor can estimate work required by walking through the subject foreclosure home and tallying the figures without a second appointment.
These figures are not concrete numbers, but should allow a quick and easy comparison of value allowing a decision to be made after the estimates of repair have been performed.
The following should offer some averages for the more common repairs to a 1200 square foot rancher without a basement. Paint w/minor drywall repairs:
$800.00-$1000.00 per house Carpet (one grade above builders):
$1000.00-$1200.00 per 1,000 sq.
feet Kitchen and Bath flooring:
$300.00-$500.00 per room New Roof (try to repair first):
$2,0000.00-$3,000.00 per house New Heating and Air:
$1,000.00-$2,500.00 Appliances (Save Money-buy used):
$250.00 per appliance Miscellaneous Expenses:
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