How to Put Together a Scope of Work(SOW) & Determine Renovation Costs

[Sam Kindred]

After looking at a few potential flips, I always find myself using pencil and paper to take notes of things that need fixed and then using a generic it will cost 5k to renovate a bathroom, flooring is $4/sqft etc. Are there any tools out there that are mobile friendly where I can develop a scope of work and get a more realistic idea on pricing?

[Richard F.]

Aloha,

I used to utilize the remodeling and renovation cost estimator from here:

https://hometechonline.com/

They have a subscription that updates your pricing quarterly, and their software worked easily for creating takeoffs or full estimates. You can save groups of items, for example a typical bathroom's worth of materials...vanity, plumbing, tile, fixtures, lighting, etc., and re-use them as a starting point for another project.

You separately determine your overhead, profit, and hourly rates for your employees/contractors, and easily become consistent with your estimates for similar properties.

You do need to have a reasonably good fundamental knowledge of construction and materials, but you can also grow into it.