The Commercial Inspector | Why Draw Inspections Are a Must for Yo

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Why Draw Inspections Are a Must for Your New Development Project

 July 27, 2022 |  Inspection, Management |  real estate trends, business tips, safety, building renovation

If you’re new to the world of real estate and commercial property management, you may want to consider adding draw inspections to your business platform. By definition, a draw inspection is an inspection completed to evaluate the current progression of a commercial or residential project against what is being reported as complete by the contractor. These inspections are typically requested by lenders who hope to keep building projects on schedule and would like a third-party, unbiased assessment of how the work is going. Draw inspections have grown in popularity as many engineering firms, architects, and banks nationwide need inspectors to perform this under-utilized service for new and refurbished properties.

Draw Inspection Requirements
To schedule a draw inspection, you just need to provide your local NPI inspector with a checklist of items to examine while on assignment. After receiving your checklist, your NPI inspector will be required to take pictures of items listed on the inspection list and make notations of what is there versus what is being reported by the construction company or lender.

Advantages of Draw Inspections for Different Industries

1. Real Estate Agents
If you’re a real estate agent, you may not be using draw inspections to your full advantage to list properties on the market. One reason so many agents prefer draw inspections by NPI is that having draw inspections performed on pre-listed properties provides reassurance to potential buyers. Additionally, draw inspections can be used as leverage to close deals faster, as concerns about developments can be put to rest. 

2. Investors
Investors have also recently taken up interest in draw inspections, but for different reasons. As an investor, it’s essential to make sure that all costs are accounted for on a pending build. Therefore, if expenses aren’t adding up to what the construction company is reporting for costs, it’s highly recommended to have a draw inspection completed. Having a third-party subcontractor’s opinion could potentially help prevent overspending. 

3. Property Management Companies
The advantages of having draw inspections completed have piqued the interest of property management companies as well. If you work within this industry, you know the importance of maintaining timelines and making sure that the construction of new builds and refurbished properties are following as close to schedule as possible. By obtaining a draw inspection, it’s easier to know the progression of ongoing construction projects. Additionally, draw inspections provide a simple way of tracking costs of materials used for these new and upcoming builds.

NPI’s National Accounts department keeps our own field service listing for properties across the country. This information is free for our NPI franchisees to access. If you are interested in learning more about the scope of draw inspection work in your area, contact NPI’s National Accounts department at 800.333.9807.

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National Property Inspections, Inc., founded in 1987, is one of the oldest companies in the inspection industry. Our reputation is built on honesty, integrity and professionalism. National Property Inspections operates as Global Property Inspections in Canada.