A house flipper explains how he estimates renovation costs using per-square-foot benchmarks instead of precise numbers. He aims for roughly $45 per square foot for a complete interior remodel and deliberately over-estimates to avoid budget shortfalls.
When it comes to estimating repairs, it was something I was really worried about when I first got started because I was like, dude, I've never flipped a house. I don't know how much this shit costs. Here's the deal. We don't need to be exact over here. It's horseshoes and hand grenades, right? We're trying to get close. So the way we do that is with this calculator. As you can see, I have some basis of like kind of what some different repairs are going to cost. And then other stuff I've learned over time, but I'm kind of just ballparking stuff. And the goal is kind of to include a little bit, overestimate rather than underestimate. But when it comes to this, we're just looking at it all from a per square foot formulas, right? So I know that to fully remodel a house, meaning everything on the inside, make it look nice, right? Make it look like any of the remodeled houses you see. Now we're lucky because they're all like the exact same. It's that white and gray look that costs about $45 a square foot. Now these things vary because when you have more square footage, obviously you know, put a bunch more into the kitchen or things like that. But things like flooring and paint moves in proportion to square footage.
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