Completing a commercial construction venture is a delicate business. And if you’re an investor or lender, you’re responsible for all of the risk while holding none of the control.
How can you be sure the job will be completed on-time, on-budget, and with no costly surprises?
Knowing what you’re getting into before property changes hands is crucial to the project’s success. A pre-closing construction review allows you to get an unbiased expert’s assessment of the project bid, helping you get the most out of your commercial construction contract.
Look Before You Leap
At BIS, we regularly unearth extensive and costly issues during commercial inspections that can cause deals to fall through and even bankrupt owners and investors. As the saying goes, “hindsight is 20/20.” But what if there was a way to get the benefits of hindsight right from the beginning?
We might not have time machines in 2019, but a construction review is the next best way to help project managers catch disastrous mistakes, setbacks, and pitfalls before it’s too late to fix them.
Don’t close on any deal without getting a construction review. Whether you’re putting your own money or your employer’s into a construction project, it’s smartest to know all of the facts before you close on a piece of land or sign a binding contract.
Here are three ways a construction review can make a huge difference in the success of your next commercial construction enterprise.
The Benefits of a Construction Review
The purpose of a construction review is to protect your investment.
Construction is a complicated field, and even an experienced investor or lender wouldn’t be able to catch serious issues, miscalculations, or fraud every time. Hiring a professional third-party ensures that you receive an honest, unbiased construction review so you can make an informed decision.
Here are a few ways that a proper construction review can prevent disaster.
1. Preventing Costly Mistakes
Even the best builders are vulnerable to errors and omissions. And when it comes to a big construction job, there’s no such thing as a “tiny mistake.” A minor miscalculation in the drafting stage can equal millions of dollars later on.
Construction reviews allow you to get a glimpse “under the hood,” so you can be aware of the errors before they turn into losses.
2. Financial Discrepancies
When purchasing a commercial building or residence, an inspection can help uncover potential issues that would threaten your investment. But when the building hasn’t yet been completed, a construction review can help you determine whether your investment or loan amount is sufficient for the project.
If the review uncovers a costly dilemma, you can decide whether to lower the asking price or back out altogether. If the builders are overestimating the cost of the job, a construction review can help uncover it.
For lenders and investors, profit is typically a top priority. An expert construction review can start you off on the right foot.
3. Corrective Steps
Without a certain level of experience in the industry, most construction issues can sound like deal-breakers. One way a construction review can help is by providing advice on which corrective measures, if any, are possible on a construction project.
It’s not enough to learn about your obstacles; you have to know exactly how to overcome them. If a major issue is uncovered during a construction review, a professional inspector can let you know what it will take to fix it.
We Put the “Pro” in “Project”
There’s no disputing the benefits that a good construction review can have on your commercial construction project. But the key word here is “good.” Just like surgery, when it comes to building inspections, you get what you pay for.
With BIS, you’re not just getting a licensed inspector, you’re also getting a licensed general contractor and engineering firm with more than 40 years experience in the commercial construction industry. We’ve completed more than 75,000 inspections and lent our experience as an expert to numerous news stations and courtrooms.
Working your way through commercial construction is a matter of informed organization and practiced patience. But with a professional construction review by BIS, you can rest knowing that your project is in unbiased, honest, and capable hands.
There’s a lot at stake when you’re completing a large-scale commercial construction project. Make sure you have someone looking out for your best interests.
For more advice and information on all things construction and proper inspections, learn more about how we can help you!