This question was moved from F.A.Q. section of our site and expended to better educate our clientele.
DO HOME INSPECTORS PROVIDE COST ESTIMATES FOR HOME REPAIRS?
Home inspectors are not required to give cost estimates for needed repair work verbally or within your inspection report. But it is understandable that some buyers want to factor this information into their purchase decision. Inspectors may verbally state an estimate on select items they’re familiar with specifically, but this is not standard practice. Cost estimates may be an add-on service or independent assessment done off-site. However, resources such as the ones listed here will aid you in obtaining repair prices.
WHO USES COST ESTIMATES FOR HOME REPAIRS?
Various parties involved in real estate use cost estimates. From cost estimators to contractors, home insurance adjusters, appraisers, buyers, sellers, and investors, use estimating services and software. For buyers, you may wish to negotiate the offer on the home you intend to buy. Some may wish to know the associated cost of bringing the home up to your desired standards for future purposes. As a seller, you may want to take repair needs into consideration before listing the home as to divert counteroffers. Everyone involved wants to either pay or charge the right amount.
WHY LOW-END, MID-RANGE, AND HIGH-END ESTIMATES (BALLPARK)?
Cost estimates are not as simple to formulate as it seems and even estimators make the mistake of under or over quoting projects. Every home is unique, and with that in mind, your home repair needs may vary. Some items may be in need of basic repair while other items will require a new installation.
Local contractor estimates will often vary even for the same job. Some state the price per unit and others quote you on a catchall basis of the entire job. While the level of service, quality, availability of materials, tend to be at the forefront, other factors are important in the overall pricing.
Though not intended to be technically exhaustive, the factors commonly included in residential quotes include: project type, square footage, the difficulty of installation, removal, overhead expenses incurred, competitive landscape, adhering to newer compliance standards in the industry, permit requirements. This leads to why repair quotes received over the phone from various contractors quickly change once on-site and are able to better assess the scope of the project.
THIRD-PARTY PROFESSIONAL GRADE ESTIMATE SERVICES
Depending on your particular situation, you may prefer a professional-grade cost estimate reflective of the conditions based on your home inspection report. With these estimates done for you, you can then approach sellers or contractors with more confidence. You can then measure your own 3rd party estimates against bidding contractor estimates to get a rough idea of whose service is reasonably priced.
As home inspectors when our clients would often ask “how much will this cost to repair or replace” We wanted to provide a better alternative than to say, “we do not provide estimates, call contractors”. That’s when we did our own research and eventually came across Repair Pricer. Realizing how invaluable this service would be to our future clients and realtors that want more leverage for clients, we reached out to them.
An analyst from Repair Pricer will review data in your home inspection report once uploaded and then convert the information into a separate estimate report within 24 hours. Though this is not a free service, it is not expensive at $59.99. It will also allow you to save time in comparison to contacting 2-3 specialists per each job desired. Which are not always free either and may take up to 2 – 5 days for some contractors to send those estimates.
Repair Pricer www.repairpricer.com
As of May 2019, Kingsmen Home Inspection Services has now partnered with HomeBinder. Repair Pricer is now included in your service when we conduct your home inspection.
FREE COST ESTIMATE GUIDES AVAILABLE ONLINE
Not interesting in paying for cost to repair estimates or contacting contractors, we understand. The below links contain free cost estimate guides which may suit your desired needs. All cost guides listed have their limitations and require that you do some deciphering in order to pull usable information from.
To obtain pricing reflective of your intended neighborhood, you need to fill in zip code information. For the do-it-yourself types that like to crunch numbers, this will allow you to establish basic estimates manually on items listed in your report. Use the links with caution, we do not make any attempt to confirm the quality of information within the cost estimate repair guides listed.
Therefore, we only referenced the more popular links here as a courtesy to you. We recommend that you don’t give too much information (zip code only) to avoid unsolicited contractors calling you.
Home Advisor. True cost guide
Home Wyse. Installation cost
HomeYou. Cost Guide
Porch.com. Cost guides
Pro Matcher. Cost reports