There is a popular HGTV show that features a Realtor Couple who buy houses, fix them up and flip them, usually in 30 days or so.
I thought it might be interesting to chronicle a real-life renovation that my wife, Pat, and I are personally doing to a house that we bought on July 15, 2016. Our goal is to take this house that we received in deplorable condition and turn it into a beautiful rental. (Beautiful property = potentially more rent = potentially a better renter.)
The property is a 2 bedroom, 2 bath, split plan (one bedroom and bath on each side of the house), with pool, which was built in 1972 and listed for $189,000. We made an offer and closed a week later for $175,000 cash.
Our favorite contractor, Edin, was out of town until August 1, so until then, we tore out the existing kitchen cabinets and wood burning stove, demoed the 2 baths and a rodent infested shed attached to one side of the house, then worked on getting estimates for resurfacing the pool ($5400), rebuilding the lanai cage ($5600), adding a pad for suntanning ($1600) and a driveway ($2400). Refinishing the Lanai, pool surround and adding finish to the new suntanning pad would add another $3500. It also turned out that we needed a new roof ($8900). Painting the exterior, another $2000. So the exterior of the house is going to cost about $29,500. Yikes!
We bought floor tile for the entire house ($2500) and for the baths ($500). Miscellaneous plumbing and electric will run $4000, Kitchen Cabinets $2300, New AC $4000, Appliances $2500, Windows (hurricane rated) installed for $4600, Exterior Doors (retrofit) $2200, Vanities $800, Counter Tops (kitchen Quartz, Baths Granite) $4000, Garage Door installed $1000, total $28,400.
Add to that Demo $1000, $3000 for tile installation, $3000 more for bathroom tile installation and rebuilding shower, and we are oh so close to $65,000 total!