With the release of our new House Flipping Spreadsheet 5 we added in a great new tool called the 'Adders Module' to help you create more accurate and realistic repair cost estimates for your projects.
The new estimating 'Adders' features will give you the ability to include location multipliers, contractors Overhead & Profit, and Estimating Contingency for more accurate & realistic estimates.
The Location Modifiers feature allows you to modify/adjust your estimate pricing based upon your specific geographic location. The spreadsheet includes a list of over 35 different market locations across the nation!
Building Permits generally costs between 1 to 2% of the overall construction value. With the new Building Permits module, you can add in costs for your Local Building Permits Fees.
Contractor's Overhead & Profit
If you are an investor that will be hiring a General Contractor to manage your project, you will need to include costs to pay the General Contractor's Overhead & Profit. Generally, a General Contractor will charge between 10 to 20% of the construction contract amount to pay for their time to supervise and manage the project. With the new Overhead & Profit module, you can quickly & easily add in costs to pay for your General Contractor's services.
Estimating Contingency is budget dollars that are set aside to cover any estimating errors or omissions or unforeseen issues on the project that could result in additional costs. Your estimating contingency will vary depending on a few factors:
- Experience/knowledge estimating construction costs
- Knowledge of the project Scope of Work
- Riskiness of the Scope of Work (complete gut vs cosmetic upgrades?)