How to use the Repair Cost Estimator-The Basics
This user guide will give you a quick introduction to the Repair Cost Estimator. There are all-kinds of great features to teach about the Repair Cost Estimator, but let’s start with the basics.
- What is the Repair Cost Calculator?
- What is all this stuff?
- How does it work?
What is the Repair Cost Estimator?
The Repair Cost Estimator is a powerful repair cost estimator with over 250 common work items and unit costs. This enables you to create detailed and accurate repair cost estimates in a matter of minutes when evaluating your next rehab property.
Looks cool, but what is all this stuff?
A. Description of Work
The Description of Work column is used to describe the work that is being performed. These descriptions can be changed to customize the spreadsheet to meet your rehabbing needs.
Input the quantity of work required in the QTY column.
The Unit column describes the unit of measure.
Common Units of Measure
D. Labor Unit Price
The Labor Unit Price column is where you can input the labor unit cost to install each work item. Example: Labor unit cost to install ceramic tile flooring would be ~$4.00/sf.
E. Material Unit Price
Input the Material Unit Price to purchase the materials for each work item. For example, the unit price for a 36" vanity would be ~$450/ea.
F. Sub Unit Price
The Sub Unit Price column is where you can input the subcontractor unit cost for installation for each work item. Example, a HVAC subcontractor may charge $3000/ea to furnish and install a new furnace.
What is the difference between labor and sub?
The main difference between labor and sub is that the sub column is generally used when a subcontractor provides both material and the labor to complete the work.
Why make the distinction?
Depending on how you run your rehab business, you may want to breakdown your repair budget to breakout your labor, material, and subcontractor totals. For example, the labor column can be used for work that will be performed by your General Contractor. If you are purchasing materials for the contractor, the material cost column can be used to Organize/Manage your material cost budget. The subcontractor column would be used for specialty tasks your General Contractor will not perform like HVAC, Granite Countertops, Carpet, etc.
G-I. Labor, Material, Subcontractor Total Costs
The Total Labor, Material and Subcontractor Costs are automatically calculated based upon the quantity of work and the unit price.
TOTAL= Quantity x Unit Price
J.i DIY Savings/J.ii DIY
The DIY Savings column is where you can track your savings if you do certain work yourself. By inputing an (x) into column J.ii, next to DIY repair items and the spreadsheet will automatically deduct the installation costs for that item.
The Budget column automatically calculates the total budget for each repair item.
BUDGET TOTAL=Labor Total + Material Total + Sub Total
L. Remodel Budget Ticker
The Remodel Budget Ticker gives you a live update of your remodel budget.
M. Labor, Material, Sub Breakdown
Quickly get a breakdown of the repair budget by Labor, Material, and Sub. Use the macro buttons to quickly sort repair items by Labor, Material, or Sub. For example, if you want to see all of the repair items that will be 'Subbed Out', simply click the 'Sub' button and the spreadsheet will automatically show all Sub items within the repair estimate.
O. Budget Breakdown by Scope of Work
View your budget brokendown by scope of work. Use the macro buttons to quickly show all repair items within that scope of work. For example, if you want to see all Doors and Trim scope items, simply click the button next to 'Doors and Trim' and the spreadsheet will automatically show those items.
The 'Reset' button is used to reset the spreadsheet if information has been sorted or filtered.
How Does it Work?
If you're the analytical type, you're probably wondering how the repair estimator crunches the numbers; check out the formulas: