Document & Cost Review
Construction projects pose unique risks in real estate investment because so many variables can affect the successful completion of the project. Inadequate plans, optimistic schedules and budgets, and even an incomplete understanding of the end product can significantly impact the probability of success
What's Involved
An independent document and cost review, also referred to as pre-construction document and cost analysis, can help to mitigate these risks by evaluation of:
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Overall scope of the proposed work
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Conformance of the scope of work with building permit and zoning approvals
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Completeness and adequacy of plans, specifications, contracts, and other construction documents
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Adequacy of the overall budget
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Distribution of costs included in the line item construction budget
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Proposed construction schedule
An independent document and cost review, also referred to as pre-construction document and cost analysis, can help to mitigate these risks by evaluation of:
Civil, architectural, MEP, and structural plans and specifications
Construction contract, including exhibits
Major subcontracts
A detailed breakdown of construction costs
The proposed construction schedule
Geotechnical investigations
An independent document and cost review, also referred to as pre-construction document and cost analysis, can help to mitigate these risks by evaluation of:
Contractor’s Certificate of Insurance & Builders Risk Insurance
Copies of available permits, zoning approvals and utility letters
Construction bond, including exhibits
Phase I Environmental Site Assessment
Wetlands assessment
Environmental Impact Report
Following a Document and Cost Review, Construction Progress Monitoring can further enhance the management of construction risks.