How to Estimate Renovation Costs (2025 Formula) | Bigger Pockets Video

Episode #1136

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Your agent just sent you a killer real estate deal with enormous upside, but it needs a bit of work. Here’s exactly how to estimate renovation costs, so you know you’re buying a property with a juicy margin instead of one that will just break even. Whether you’re renovating a rental property, planning to refinance after the rehab with the BRRRR method, or flipping a house for some quick cash, we’ll give you the formula to run your renovation numbers FAST.

We’re back with real estate investor questions from the BiggerPockets Forums. First up: how to estimate rehab costs on a distressed property. And, if the renovation costs are high, is the rehab still worth it? Then, once you’ve got your rental portfolio, when should you hire property management?

Your agent wants you to sign an exclusivity agreement so you only work with them; here’s when we will (and definitely won’t) do it. Finally, we share a way to access home equity WITHOUT refinancing at a higher rate and killing your cash flow.

0:00 Intro
1:00 How to Estimate Rehab Costs
6:15 When to Hire Property Management
14:49 Sponsor: REsimpli!
15:29 Is This Flip Worth It?
20:33 Agent Exclusivity Agreements
28:28 Refi a Cash-Flowing Rental?