Schedule of Values

When you are updating your home, let’s say plans and specs for your project will cost $3,000. Within your Schedule of Values (“S.O.V.”), the $3,000 cost for plans and the specs will be labeled as a dollar amount within the project – “plans and specs, $3,000.” Within your S.O.V. this $3,000 cost for plans and specs will also be categorized as a percentage of your overall project.

Let’s say your home updates will cost $125,000 in order to complete. Your plans and specs cost $3,000. So within your S.O.V., plans and specs will be categorized as 2.4% of your overall project. Itemized as a dollar amount – $3,000 – and then itemized once again as a percentage – 2.4% – within your S.O.V.