This is a fixer upper property I bought recently, and in this video, I'm going to
show you exactly how much it costs to renovate a house. I have actual estimates from contractors,
so we're going to go through the entire property and see how much it will be, total. And just for
reference, this is a one-level, 2000 square foot house in Washington, DC. And if you're from the
DMV area, definitely drop a comment below. So to start with, we have the roof. Now,
as you can see, the roof is not in terrible condition and it could probably last another five,
maybe 10 years. However, since we're renovating this property, I got a couple estimates,
and the first one came in at 13,000. And that's for a more upgraded, architectural, shingle roof,
which should easily last about 20 to 30 years. And a lot of times, if you don't want to completely
replace the roof, you can just patch and repair different shingles or different parts of the roof,
which usually only costs a few hundred bucks. Next up we have the windows. And as you can see,
the windows are somewhat upgraded. These are vinyl windows, my guess is they're probably 10
or 15 years old, and there's really only a few that we need to repair or replace.
So the cost for it completely replacing a new vinyl window is going to be about three
to $500 per window. And there's about 15 windows on this property. However,
we really only need to replace one or two and then do some minor repairs to a few others.
And then lastly, to repaint the exterior of this property. Since it's only one level,
it's going to be about $2,500. And that's for a good, quality painter. I know your cousin or
somebody could probably do it for 500 bucks, but we're talking about professionals here. Which,
when you're doing renovation projects, you only want to work with professionals and
you very rarely want to go with the cheapest contractor. So let's go check out the inside.
All right. So as we come inside, one of the first things you'll notice is the red carpet.
And also these floors. That's not actual wood, that some type of laminate, it's
kind of cheap looking. So I've gotten a quote to replace the floors. And with this property, it's a
one-level rancher house, I want to do really nice floors. So I got an estimate for White Oak, which
is probably one of the most expensive types of wood that you can get. And to replace the flooring
throughout the entire property is $19,000. Now, obviously I could go with the cheaper carpet,
or maybe even just leave this, it's not too bad. But I really want to make this more of
a higher-end renovation. Another thing I'm going to be doing, and this is more minor, but it can
make a big difference if you're renovating on a budget, is all outlets and switches.
You see how these are kind of yellow looking, and just not very nice looking? An electrician
can do about 25 of those for 600 bucks. So I'm going to pay an electrician to replace all the
outlets and switches with brand new ones, make sure they all work. And that's a very simple task,
but all these little things add up. The next thing with this house was the junk
removal. So it wasn't completely packed with junk. I have a video of a hoarder house renovation,
which you should watch, and it wasn't anywhere near as bad as that one. I think there was a
couple beds in here, and just a couple of things that were left, but it ended up costing close to
$4,000 to remove all the junk. So junk removal, if it's just an apartment, it's going to be
maybe a thousand, 2,000, 3,000. If it's more of a house, it can definitely add up a little bit.
This is one of the bedrooms. Obviously we're going to be painting throughout
the entire property. And to paint this entire house, it's about a 2000 square foot house,
is going to be about $3,000 to paint the interior. The next big renovation that people always
want to do is the bathroom. Obviously this bathroom, I might be able to keep those tiles, but
I'm going to really just renovate this entire thing. And there's a couple of bathrooms in this
property, I'll show you the bathroom that's right behind this. Because
I'll show you what we're going to do. And this is the master right here.
It's a really good size, which I like. There's some stains on the ceiling.
The home inspector said they were really old, so
I'm not sure exactly what they were from. And here in the master we have this half-bath.
Because it's just connected to the full bath in the hallway,
we're going to turn this into a full bath as well so we can have a proper master. And between doing
those two full bathrooms, and there's also a hall half-bath, it's going to be $15,000.
Which is a lot, but bathrooms, you really get your value back.
Bathrooms and kitchens can really go a long ways. Here's a second bedroom. And another thing I'm
likely going to do is put some type of ceiling fan and light fixture up there. And that's going to
cost, an electrician is probably going to charge you about three or 400 bucks just to run the wire.
And then you have to buy the fixture, which is going to be about another hundred dollars,
or you can really get even a $200 fixture, or even more than that.
So you can see all these little outlets. If you're renovating on a budget too,
just replacing all the outlets, doing some painting,
changing out the door knobs to more of a modern look, that can really go a long ways.
See, they have these old brass door knobs, and that's another thing that I'm going to
be doing on this property. I'm going to be installing these modern, matte black
door handles on every single door. And it's about $30 at Home Depot to get some really nice ones, so
it's going to give it a more modern feel. And here's another bedroom. This house
actually has four bedrooms, and basically three bathrooms, two and a half bathrooms.
So a couple of the windows are damaged, and it's going to be about $90 to fix the
windows. Some of them, like I mentioned, we're going to replace, which is more like $300.
But a lot of these are actually vinyl, and they lock, so that's really the most important thing.
The next thing we're going to be doing is recess lights. So you can see in the hallway here,
we just have some random lights. They don't really look great. I mean, they work, they're functional.
But we're going to be doing some recess lights, or at least upgrading these. And for recess lights,
to get an electrician to do it properly, it's going to be about 150 bucks per-recess light.
So depending on the amount of lights, we might get 10, we might get five,
we'll probably put some in the kitchen as well. It's not going to be too expensive, but it's
definitely going to be a few thousand bucks. Next step, we have the kitchen, which is probably
one of the most important parts, in terms of value, of the house.
And I could rent this out almost the way it currently is. If I was doing a budget renovation,
I'd probably just paint the cabinets, put some matte black hardware on there,
maybe do a little back splash, update the appliances and we'd be good.
However, I got a quote to redo this kitchen from a contractor I've worked with a bunch and it's
going to be about 15,000 to completely renovate this. Brand new white cabinets, back splash,
quartz countertops, and then the appliances actually don't even come with that quote.
So the appliances are going to be about another $3,000. And these appliances work
for the most part, they just don't look great. So we're going to have that floor I mentioned,
the white Oak floor in here. And then just brand new case cabinets,
backsplash. It's going to be a really nice looking kitchen. You can do low
end kitchens. I could spend a couple thousand bucks and probably make this look really good,
but I think we're going to go all out with it. Here is the dining room. And really, the only
thing we're going to do in here is replace this light fixture, which, like I mentioned, you can
get a nice one for a hundred bucks, 200 bucks. we're going to paint in here like I mentioned.
These windows are in pretty good condition, so we don't really need to update them.
I'm going to show you the washer and dryer as well as the HVAC. So this washer and dryer,
at one point, it did leak, but it seems like it's relatively new and it's in
good condition, from what I can tell. However, if I wanted brand new ones, it's going to be about
750 or so per-appliance. So that's going to be about 1500 total, so that's how much that costs.
This floor, we're going to do the new white oak. We might do vinyl in here, since it's a laundry
room. And this hot water heater is one of the biggest hot water heaters I think I've ever seen.
I think this is an 80-gallon one. And to replace a hot water heater is about 2000 bucks. You can get
crazy and spend more than that, but most are going to be around 2000, sometimes even less than that.
Here's the HVAC. And one of the best things about this property is that, and I'll show
you the heat pump outside the actual unit, but they replaced it about a couple of years ago,
so it's almost a brand new. And a heat pump typically costs about $5,000 or so.
Another thing to note is the doors. Most of the doors are in pretty good shape,
I'm just going to paint them and put new hardware on them. But if I had to replace the door,
you're looking at about $200 or so per-door. So not too pricey, but it definitely adds up.
Now let's check out the garage. So here's the garage, and there was just a ton of stuff in here.
I'll show a little clip of the junk guys getting everything out. And the garage door,
that's usually a common face. Usually you have these old wooden garage doors,
and to replace one of these is going to cost about $1,500. And that includes everything,
installation materials, and they typically last for a long time.
I'll show you the hall bath that we're going to fix up. So here is the hall bathroom. There's
no light in here that actually works, but you can see it's functional, but it's just really small.
And then you have this coat hanger type of area. And that was quoted about $3,000 to completely
redo this little half-bath, which brings my total for the bathrooms, like I mentioned to 15,000.
So here's the backyard. And my lot only goes about 10 feet from the house, and then I have this
massive overgrown area that belongs to someone else. And it's actually about three separate,
vacant, lots right there. So I've been trying to track down the owner and make them an offer. And
if you want the resources that I use to find these off-market leads and off-market opportunities,
I'm going to put some links in the description below that you can check out. And there's just
a lot of really cool resources you can use these days to find these off-market deals.
So here's the heat pump that's only a few years old, which saved me about 5,000.
And then we have a deck. I had to remove the old deck because it was just really bad,
so right now you're just kind of walking into nothing. And the thing with the deck,
I do want to put a deck out here because there's no real outdoor feature here.
A deck, just a basic deck can cost about 5,000. But with decks, you can also get super customized.
And I mean, I have a friend that, his parents have a deck that apparently costs over a hundred
thousand dollars to build. So we'll probably spend between five and $10,000 on just a nice
Trex deck that hopefully will last a while. So if you've been keeping track of all the repairs
and all the costs, it's about $90,000. And what you should do on every renovation is at about 10%.
So we're really looking at 100K renovation here. Now, this is going to be more of a higher-end
renovation. Hopefully this property will be worth about 600K or so once everything is completed.
And I also didn't even factor in things like replacing the wiring, or replacing the plumbing.
This house, fortunately, it was built in 1990, so it's not too old. But when you get a house that's
super old, before the fifties or even around the fifties, you might have to replace the entire
wiring in the house, which is going to cost about 10,000 or 5,000, depending on how big the property
is. And you might also have to replace the cast iron pipes, which is going to be another five,
10, 15,000, depending on how big the house is. So always factor in additional costs. And if
you have any questions about real estate investing or renovations, drop them in
the comments section below and subscribe to the channel for more videos. Thanks a lot, bye.