Home repair estimating is a valuable skill for the real estate investor. You can bring in experts, and it's often a good idea. But continually calling on tradespeople to accompany you to properties that you later decide are not for you can result in their resistance to such help in the future. Having the knowledge and tools to at least determine the basic feasibility of an investment before calling in skilled help can be much more efficient.
Err on the high side: Use repair estimation resources that base their time and material costs on quality licensed contractors that guarantee their work. If you're using a national guide, such as those in the links at the end of this article, check it against local pricing. If it's a bit high, that's a good thing to protect you from errors or things you might overlook. If it's a bit low for your area, then adjust accordingly.
Sweat equity is good, but estimate without it: Use the estimation tools even if you plan on doing some or all of the work yourself. Many a smart investor has taken a beating when circumstances stopped them from doing work on their house for a flip. If you see a profitable investment with estimates for using contractors, then it's a bonus when you can do some or all of it for yourself.
