Identifying and fixing defects in a newly built property before handover.
Related terms
- Soft costs
Indirect development costs such as design, permits, finance, and marketing.
- Unit mix
The blend of unit types and sizes in a scheme, tuned to demand and revenue.
- Contingency
A budget reserve set aside to cover unforeseen cost overruns.
- Density
The intensity of development on a site, e.g.
- Developer profit
The return a developer requires for taking on development risk, often a margin on cost or GDV.
- Efficiency ratio
Net usable or leasable area as a percentage of gross floor area.
- Entitlement
The legal approvals and permissions that establish what can be built on a site.
- Feasibility study
An assessment of whether a proposed development is viable in market, technical, and financial terms.