How do you calculate the renovation time? There are two methods:
Ask the contractor how long he needs and add 21 days to whatever he/she says.
Study your average renovation burn rate on 4-5 projects. For many, the average is about $10,000 per week. So if you have an $80,000 budget, the work will take about 8 weeks.
Be sure you understand all of the permitting and survey requirements for your project - this should be completed prior to your purchase closing. These will add time to your Renovation Time as well.
Summary: Renovation time = Permit time + actual work time + 21 days for bad weather or sorry excuses.
