Spec Cost Updates for HDP

As a Housing Rehab Specialist, part of your time is spent making sure you have accurate unit costs for your specs.

Housing Developer Pro has a Spec Cost Update tool that makes it easy for you to update and maintain accurate unit costs for your specs based on bids you've received at the line-item level of detail.

How does it work?
From the Spec Cost Update tool, choose which specs, bid amounts, and bidders will be factored into or filtered out of the calculation of new unit costs.

HDP calculates a new average unit cost for each spec. Review the New Price (yellow column), make adjustments if necessary, then check the box for specs you want to update and click Apply Changes to apply the new unit costs to your Library of Specs.

Why use unit costs from bid history?
Collecting bids at the line-item level of detail means that you will have unit cost data from multiple local contractors for each specification.

HDP calculates unit cost data based on the bids you've received, ensuring that the unit costs you're using for your cost estimates are as accurate as possible for you. This is an improvement upon regional cost data or even zip-code cost data because it is very specific to your community and your contractors.

About the Spec Cost Update tool
The Spec Cost Update tool was originally available as an add-on for HDP3. It is now included in HDP versions 4.0 and newer as a standard feature.

To start updating your spec costs, purchase HDP.