In July of 2022, it was reported that sales of newly built homes had fallen by 17 percent from July 2021. Each of these newly built homes will have needed a proper draw inspection before it went to the market. The question is: what is a draw inspection and how does it affect you?
One of the terms that comes up in the real estate industry is a draw inspection. While not everyone is familiar with what this term is, it is one of the most important realty services for people who are working on a building project.
If you have never heard of a draw inspection before, don’t worry, because, at Infinite Home Inspector, we have broken down exactly what draw inspections are.
So if you would like to learn what draw inspections are and the draw inspections process, then keep reading.
Before we get into all of the ways that a draw inspection can benefit you, let’s cover what it is. A draw inspection is whenever a lender hires an inspector to go out and assess the progress of a construction site.
Lenders use inspectors to assess whether or not adequate progress has been made in line with the project timeline. Draw inspections can fall under the category of environmental services.
When inspectors are completing draw inspections, there are a few specific things that they look at. This includes checking the floor plans, precise measurements, and the accuracy of the property that it is being built in alignment with the original draw request.
It also includes looking at the necessary materials on site to ensure that the builders have the required materials they need to complete the job at hand.
Inspectors will even take aerial photography to collect evidence to prove that the job’s progress is where it should be.
If it isn’t where it should be then this is a matter that can be brought up by the lender.
Another important thing that will be checked by the inspector is the construction budget. This will let the lender know whether the budget is being spent properly or if it is being misused.
Draw inspectors are also meant to use their draw inspection data to provide a report detailing whether or not the building’s progress is up to scratch.
Overall, draw inspections are crucial for lenders no matter what size the building project is.
There are lots of benefits to using draw inspections that many people are not aware of. We have covered some of the top benefits below, however, these are only a few benefits and there are many more.
If you are funding a building project and you don’t get a draw inspection done, this can be a big mistake. This is because you need to make sure that the work you are paying for is getting completed.
The last thing you want to do is continually fund a project that isn’t being completed properly without knowing it.
However, regularly checking up on your building project can help to alert you if something isn’t right, and from there you can make smart decisions about what to do with your funding. This helps to protect you against any downsides.
Another benefit of draw inspections is that you can use them to track timelines. If you have an expected date of project completion then you want to guarantee that you are on track to complete it at that date.
Having an inspector check up on how much progress has been made within the timeframe will give you a clear indication as to whether or not you are on track.
Once you have had a draw inspection completed, you will get a report based on your inspector’s findings. If they have found that the work has not been completed properly, then you will know right away.
This allows you to raise any issues or disputes and try to get them resolved. This is a huge benefit as it can save you a lot of time, energy, money, and stress in the long run.
There are many different services out there that offer draw inspections, however, you must choose the right one. There are a few key things you should keep in mind when hiring a draw inspector.
The first thing that you should look at when considering using a draw inspector is what kind of reputation they have. To do this you can look at things like ratings and reviews and if they are a certified draw inspector.
This will give you an indication as to whether or not they offer a high-quality service. You should look for services that have as many five-star reviews and positive ratings as possible.
Another important factor to consider is pricing. You should look for a draw inspector who offers you a great price for their service.
This can help keep your overall expenses down for the building project and there are some great draw inspectors available for affordable prices.
Getting a draw inspection done may seem like a difficult task; however, once you know what to do, it’s straightforward. When getting a draw inspection done, you must use a service that you can trust.
At Infinite Home Inspector, we are highly experienced in providing thorough inspections for a wide range of different building projects.
If you would like to learn more about how we can help you, or for friendly expert advice, simply schedule your inspection today.