In real estate investing, particularly in fix-and-flip or BRRRR projects, the accuracy of your rehabilitation budget is paramount. Underestimating costs can erode your profit margins, while overestimating can cause you to pass on a viable deal. A detailed, line-item budget is not just a planning tool—it's a critical component of your loan application and a roadmap for your project's execution.
Harvey Capital Funding requires a detailed scope of work and budget for all our fix and flip loans. This template is designed to help you meet that requirement and build a comprehensive financial plan for your Richmond-area project, reflecting typical local costs.
Use this template as a starting point. Costs are estimates for the Richmond, VA market and can vary based on property size, condition, and material quality. Always obtain multiple quotes from licensed contractors.
| Category | Line Item | Estimated Cost (Richmond, VA) |
|---|---|---|
| Pre-Construction | Permits & Fees | $1,500 - $5,000+ |
| Pre-Construction | Architectural/Engineering Plans | $2,000 - $8,000 |
| Demolition | Interior & Exterior Demolition | $2,000 - $7,000 |
| Demolition | Debris Removal & Dumpster Rental | $500 - $1,500 |
| Structural | Foundation Repair | $5,000 - $20,000+ |
| Structural | Framing & Wall Adjustments | $4,000 - $15,000 |
| Exterior | Roofing (Asphalt Shingle) | $7,000 - $15,000 |
| Exterior | Siding (Vinyl or Hardie) | $8,000 - $20,000 |
| Exterior | Windows & Exterior Doors | $500 - $1,500 per unit |
| Exterior | Exterior Painting | $4,000 - $8,000 |
| Exterior | Landscaping & Hardscaping | $3,000 - $10,000 |
| Interior Systems | HVAC System Replacement | $8,000 - $15,000 |
| Interior Systems | Electrical (Rewire & Panel) | $7,000 - $15,000 |
| Interior Systems | Plumbing (Repipe) | $6,000 - $12,000 |
| Interior Finishes | Kitchen Remodel (Mid-Range) | $20,000 - $40,000 |
| Interior Finishes | Bathroom Remodel (Mid-Range) | $10,000 - $20,000 per bath |
| Interior Finishes | Flooring (LVP or Hardwood) | $4 - $9 per sqft |
| Interior Finishes | Drywall & Insulation | $2 - $4 per sqft |
| Interior Finishes | Interior Painting | $3,000 - $7,000 |
| Contingency | Contingency Reserve (10-20%) | 10-20% of Total Budget |
Pro Tip: Always include a contingency of 10-20% of your total budget to cover unexpected issues. Surprises are common in renovations, and a contingency fund is your best defense against them.