Purchasing new property is not an easy decision especially in today’s rapidly changing environment. Today is probably more important than ever to be fully aware of what are you getting in when you are buying the property.
Due diligence assessment is very first and the most important step towards a successful outcome of desired development in all four situations.
Generally, there are 4 REASONS for purchasing a new property:
- PURCHASING YOUR DREAM HOME
- BUYING FOR EXTENSION AND RENOVATION
- PURCHACING A LAND FOR BUILDING A NEW HOUSE
- MULTI-UNIT DEVELOPMENT
Let’s explore these four events.
- PURCHASING YOUR DREAM HOME
Smart sellers of houses will often make small renovations and improvements to their homes before putting them on the market to make the property more appealing to potential buyers. These improvements may include things like filling gaps in the walls or floors, repainting or refinishing surfaces, and other cosmetic updates.
These improvements may not be immediately apparent to the untrained eye, but they can make a big difference in the overall appearance and appeal of the property. In some cases, these improvements may also help to increase the value of the home and result in a higher sale price.
It is important for buyers to be aware of these tactics and to take the time to carefully inspect the property before making an offer. Working with a qualified home inspector or real estate agent can help buyers identify any potential issues or hidden problems with the property that may not be immediately apparent.
“It’s fascinating how many people ready to pay a $1000 dollars to a car mechanic to check pre-owned car they want to buy and not even considering the expense of due diligence assessment when they about to invest hundreds of thousands dollars purchasing their dream home or development site.”
Michael. Real Estate Agent.
Apart from obvious fixes that appear on the wall, ceiling and floors there are some issues there are some issues with a property that may not be immediately visible to the untrained eye and may require a more thorough inspection to identify. This is why it is important to have a professional home inspector or building inspector examine the property before purchasing.
For example, issues with the roof or the foundation of the home may not be visible from the surface and may require a closer inspection.
Issues with the underfloor space, such as problems with the subfloor or the insulation, can also be difficult to identify without a proper inspection. Similarly, problems with the roof space, such as issues with the attic insulation or ventilation, may also require a closer look to identify.
Overall, it is important for buyers to conduct a thorough inspection of the property before making an offer to ensure that they are aware of any potential issues or hidden problems with the property. This can help to avoid costly surprises and ensure that the property is a sound investment for the long term.
“The big part of any property inspection is checking footing condition, especially if the house is on stumps or posts or brick piers, which is still preferable type of footings on the sloping land. I cannot stress enough importance of footing inspection where there is an access under the house.”
Ron. Property inspector.
2. BUYING FOR EXTENSION AND RENOVATION
Renovations and extensions to a property are a complex and time-consuming process, with many different factors to consider. This is especially true when dealing with local and state authorities and regulations, which can vary widely depending on the location and type of property.
Even small extensions or renovations can require a significant amount of paperwork and planning, including obtaining permits, approvals, and inspections from various regulatory bodies. It is important to be fully aware of these requirements and to have a clear plan in place before starting any work.
Professional consultation and guidance can be highly beneficial when planning a renovation or extension, as they can help to identify potential issues and ensure that all necessary requirements are met. A feasibility study and an assessment of existing conditions can also help to ensure that the project is feasible and that any potential issues are addressed early on.
“Quite often I hear “but we just want to extend it one metre”. Unfortunately, it does not matter how big or small your extension is, as the same amount of paper work and the same number of drawings will have to be prepared. You would be surprised how many rules from local and state authorities you will have to obey and how many regulations to satisfy. This is a battle that you want to start fully aware and prepared for a possible outcome.”
Martin. Builder
Overall, it is important to approach any renovation or extension project with caution and to seek professional advice and guidance as needed. This can help to ensure that the project is completed successfully and that the property is a sound investment for the long term.
3. BUILDING A NEW HOUSE.
When purchasing an empty block of land or deciding to demolish a house and build a new one undertaking a due diligence assessment is crucial. This assessment can help identify potential risks and challenges associated with the site and the proposed development, as well as provide guidance on how to mitigate those risks.
A due diligence assessment can include a range of factors. These factors can vary depending on the location and type of property, and may require input from a range of professionals such as architects, engineers, and environmental consultants.
By conducting a thorough due diligence assessment, developers can gain a better understanding of the potential risks and challenges associated with the site and the proposed development, and make more informed decisions about how to proceed.
“Whether you just bought an empty block of land or decided to demolish the house and build a new one DUE DILIGENCE ASSESSMENT can show you a full range of site possibilities and identify all risks. Knowing your risks can help to invest wisely and opt for perfect outcome which will suit your budget.”
Kate. Architect.
Overall, undertaking a due diligence assessment is a critical step in the development process, and can help developers to invest wisely and achieve a successful outcome that meets their budget and goals.
4. MULTI-UNIT DEVELOPMENT.
Multi-unit development is a complex and challenging process that requires careful planning and preparation. This type of development involves the construction of multiple dwellings on a single property, such as townhouses or apartments.
One of the key challenges of multi-unit development is navigating the various regulations and requirements that are involved. This may include obtaining planning permits and approvals from local and state authorities, complying with building codes and safety standards, and ensuring that the development is environmentally sustainable and energy-efficient.
In addition to regulatory issues, multi-unit development also requires careful consideration of factors such as site selection, design, and construction. This includes assessing the site for its suitability for development, designing the development to maximize space and functionality, and selecting construction methods and materials that are cost-effective and durable.
Working with experienced professionals such as architects, engineers, and building contractors is highly beneficial when undertaking a multi-unit development project. These experts can help to identify potential issues and provide guidance and advice throughout the development process, from initial planning and design to construction and completion.
a unique window design can make your home stand out.
“There are many different overlays that may or may not affect the land you have chosen. These overlays normally will require an involvement of professional consultant and preparation of supporting report that you would have to pay for. Due diligence process will identify all of these hurdles and give you an idea of the complexity of the project you have in mind.”
Madeline. Town planning and mediations.
Overall, multi-unit development is a complex and challenging process that requires careful planning, preparation, and execution. By working with experienced professionals and taking a thorough and thoughtful approach, developers can create successful and profitable developments that meet the needs of residents and the community as a whole.
