My previous post examined how to quickly estimate three major rehab components. To further help you when estimating a rehab, in this post I will discuss how to quickly estimate four more basic rehab components – flooring, paint, bathroom tile and kitchens.
The components described in this post, while perhaps not as big as those in the previous one, are no less important. Being able to quickly and accurately evaluate all parts of a potential rehab will put you ahead in the game. The discussion below examines estimates for a basic interior rehab of a rental property.
Basic Flooring
Basic flooring generally refers to installing new flooring materials. It includes carpet, laminate and ceramic tile, but it can also refer to refinishing hardwood. A basic rule is to budget about $2 to $3 per square foot of flooring needed. This price includes both material and labor. Of course the materials you choose for your flooring will matter. But many types of flooring are pretty inexpensive. For example, I just bought some ceramic floor tile at one of those big box home stores for less than 40 cents a square foot. So be sure to shop around
Paint
A gallon of paint will cover approximately 300 to 400 square feet. You can use this standard to estimate how much paint you will need for a particular job. On a 10’ x 10’ room with standard 8’ ceilings (320 square feet total, less doors and windows) a gallon may do it. The actual paint is fairly inexpensive. $20 a gallon or so will get you a decent quality product. But it is not the materials that are the expense here, it is the labor. A decent paint crew will cost you about about $2 per square foot.
Bathroom Tile
New bathroom tile can really make your rental property pop to perspective tenants. Nothing grabs a potential tenant’s eye more that a fresh, clean bathroom. Bathrooms however can be a bit more intricate and thus take more time to do. Both the walls and floors often utilize materials that are more unique. Wall tile for example use bullnose (rounded edge) and other specialty tile types. Floor tiles may be small and hexagonal in shape. Expect to pay about $3 to $4 per square foot of new tile installation in a bath, depending on the materials you choose. I like standard, old style black and white tiles but square foot ceramic tiles can look quite good as well.
Kitchens
Kitchens can be as expensive as you want them to be. You can easily spend five figures on a higher end kitchen. In a rental property however, there is generally no need for that type of expense. Cabinets and countertops make up the largest part of your budget here, but they do not have to be super expensive. Unfinished wood cabinets will cost about $30 per linear foot. Finished cabinets can be more than double at around $70 per square foot. Of course if you go unfinished you have to think about the cost to finish them and the recurring costs of keeping them looking good as tenants move in and move out.
The choice of counter tops these days are wide ranging. Laminate can run about $20 a linear foot. Granite, which is very trendy these days is generally a lot higher but can be sometimes found at a decent price at some building discount stores. Be aware with stone countertops of the added costs of cutting and installation. Cutting granite is no easy task and may not always come very cheap.
Using the basic guidelines outlined above and in my previous post will help you get started with the estimation of any basic rehab project. In future posts I will discuss other rehab costs that you need to account for and begin to put all of these various rehab components together.
