What is a primary consideration that affects both project time and costs in property development?

Building codes and inspections play a crucial role in property development, significantly impacting both the timeline and overall costs of a project. To start, building codes set the legal standards for construction practices and ensure safety, accessibility, and environmental sustainability. These codes dictate various aspects of the construction process, including materials used, structural integrity, and energy efficiency.

When a project must adhere to specific building codes, developers often need to allocate additional time for compliance, which can involve extensive planning, design modifications, and potential reworking of certain features to meet regulations. Furthermore, inspections are typically required at multiple stages of the development process, and passing these inspections is essential to move forward. Delays in inspections or failure to meet code requirements can stall a project, leading to increased labor costs and additional expenditures that were not initially budgeted for.

Consequently, understanding and navigating building codes and inspections is vital for developers, as these elements are central to ensuring a project is completed efficiently, within budget, and in compliance with legal standards.