If you’ve worked with us before, you know how much emphasis we place on having a clear, up-to-date Scope Of Work (SOW) for your project. We think it’s SO critical that we have created a free SOW template available for download from our website. Having an accurate and detailed SOW forces you to think through your plan and account for all the costs—right up front. This can make the difference between a project’s success or ultimate failure.
That being said, the SOW is a living document and may need updating as your project gains steam (especially given today’s inflationary environment).
Maybe the counters that you ordered came in over budget?
Or perhaps you didn’t account for an unexpected roof repair?
Or maybe supply chain issues are wreaking havoc on your delivery schedule and potentially increasing your carrying costs?
We recommend making any necessary budgetary updates as you go along to avoid an unpleasant surprise at the end. It is in no one’s best interests for you to run out of repair funds before the property is completed.
We also want to reiterate that a good Scope of Work should also include a short, descriptive overview of the project which we refer to as the Statement of Work. By providing this summary, it will be much easier for potential appraisers, inspectors and contractors to make informed assessments of the property and keep your project humming along.
Keeping a close eye on your SOW is crucial to getting your project to the finish line profitably. Here at NavCap, we want to help you achieve success so reach out if you’d like to discuss a current project or apply for financing on a new one. Contact us at 888.444.3160 or info@gonavcap.com or sign up below for immediate access to all of our borrower tools and resources.