Building Solutions for Grenada

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The Builder's Guide

The  magazine is the most trusted source for building  services in Grenada and a must for all potential homeowners to assist them in building better and safer homes. Our experienced editorial team have worked for many years in the construction sector. US$38.95

Draw Payments

Q To whom are draw payments made and what if I run out of money? K Hinds

 

 

A Draw payments are made typically one of two ways. They may be made payable to both you and your builder or just your builder. The advantages of having them payable only to your builder are that your builder receives his funds more quickly. There is no need to obtain two signatures to cash the check. The disadvantage of this plan is that the draw check is useful in ensuring performance of your builder. Some people prefer to control the draw process. Make sure you find a lender that can offer both alternatives. And your second point, you would not have been the first person to have this problem. Good planning can be a tremendous help early on. Anticipate cost overruns and consider borrowing more than you may need.

 

 

 

 

 

 

 

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