The percentage of work completed
Amounts already spent and amounts to come
Gaps between budget and reality
Who verifies progress
The lender appoints a professional. They visit the site before each advance.
What the report contains
- The percentage of work completed
- Amounts already spent and amounts to come
- Gaps between budget and reality
- Photos of work in progress
Who pays for these visits
Supervision fees are yours to pay. Expect a few hundred dollars per visit.
The professional’s role
They protect the lender, not you. Their report measures progress, not quality.
Arrange your own supervision if quality concerns you.
What delays an advance
- Work less advanced than declared
- Invoices not supplied by the contractor
- A gap between budget and actual spending
- A missing subcontractor release
How to keep things moving
Gather invoices before each visit. Complete records avoid a second visit.
What you can ask for
Ask for a copy of every visit report.
It documents progress and flags gaps with the budget.
That document also helps in discussions with your contractor.
Budgeting the fees
Each visit is billed, and a project has several.
Include these fees in your budget from the start.
They add to the interest paid during construction.
