What Does This Mean?
Congratulations! You’ve made it to construction and now the fun work begins. Outlined below are a few things to keep in mind once you’ve hit the construction phase of the project.
Owners Representative
Consider hiring an “Owners Representative” to assist you during the construction phase. It is the responsibility of the Owner’s Rep to ensure the project is completed on time and on budget. The Owner’s Rep works for you and is the primary point of contact for the general contractor. They work through construction issues, change orders, track the budget, and complete field verifications.
The Owner’s Rep is your eyes and ears on the project job site. They ensure that the project is done to the correct specifications and expectations. For smaller projects, you can take on this role yourself, but the role lends itself to people who are very detail oriented and are willing to deal with sometimes grumpy general contractors.
Budget Tracking
Budget tracking is essential for a construction project. If you are receiving financing from a bank, you will need to provide them with a monthly “draw request”. The draw request represents the total you spent the previous month including the purchase of materials, labor, architect fees, fee for the Owner’s Rep and any permits.