In this post, I’m going to cover a few more very important points about estimating repairs. 

4. Simple solutions are often the best.  When you are making changes to the layout, you have to balance functionality with cost.  The more walls you move, the more plumbing you have to relocate, the more your costs increase.  Be smart about where you spend your renovation money. 

5. Focus on your goals for the property, and let those intensions guide your decission making.  For the house you have in the neiborhood in which it is located, you must determine the optimal layout for the house.  For example, you may decide that you need to convert a living area to a bedroom. 

6. Think long term.  Make your cash flow properties durable.  Make the repairs that will SAVE you money over time.  For example, turn over is expensive.  Don’t scrimp over energy saving measures, such as adding additional insulation to the addic. 

7. Don’t overdo it.  Don’t tear out / update items that don’t really need replacement.  For example, just because you have 40-year old electrical components does not mean they need to be replaced.