Key Takeaways
- Construction pitfalls fall into four categories: scope, financial, schedule, and quality—each requiring different controls.
- Hidden conditions cause 60-80% of renovation budget overruns and are the biggest financial risk in construction.
- Controls operate at three levels: Prevention (cheapest), Detection (mid-cost), and Response (most expensive).
- Every dollar spent on preventive controls (planning, inspection) saves $5-$10 in construction-phase problem resolution.
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Test Your Knowledge
1.What percentage of renovation budget overruns are caused by hidden conditions?
2.At which level are construction controls most cost-effective?
3.What contingency percentage is recommended for properties with limited inspection access?