And why it is important to CBYB – check before you buy ?
Due diligence assessment is the very first and the most important step towards a successful outcome of desired development.
There are several reasons why pre-purchase due diligence is essential when buying a property.
Here are five reasons why:
- Building Condition Assessment: Pre-purchase due diligence including an assessment of the building’s condition and identify potential issues with the property’s structure and building envelope. This information can be used to develop a repair and maintenance or renovation plan, which can help the buyer estimate the costs of future maintenance and renovation.
- Zoning and Code Compliance: Architects can help identify property zoning, overlays and code compliance issues that could affect the property’s use and development potential. This can help the buyer assess the feasibility of their development plans and ensure compliance with local building codes and regulations.
- Design and Space Planning: Pre-purchase due diligence can help to assess the property’s potential for design and space planning. This can include evaluating the building’s floor plan, natural light and cross ventilation, and potential for extension or renovation. This information can help the buyer make informed decisions about their long-term plans for the property and avoid costly mistakes.
Due diligence package
- Planning for Future Use: Pre-purchase due diligence can help the buyer assess the property’s potential for future use, such as development or extension. This can help the buyer make informed decisions about their long-term plans for the property and avoid surprises down the line.
- Make informed decisions: Ultimately, pre-purchase due diligence helps the buyer to make informed decisions about the property that is considered for purchasing. By gathering all the relevant information about the property, the decision will be based on the facts, rather than on assumptions or incomplete information.
What should you expect to receive with due diligence assessment?
· Property inspection & report
· Surrounding area overview
· Aerial image of the property
· Title Boundary assessment.
· Council vision explanation
· Initial ResCode assessment
· Possible development risks (Low/High/moderate).
· Spatial Understanding/Assumptions
Due diligence assessment can show you different possible outcomes reinforced with the estimated budget and will prepare you for a winning battle, so I would suggest it as a “must-have”.
