Once you have identified a potential property that could be well-suited to your project, now is the time to conduct due diligence. This means investigating any and all aspects of the property that could have some impact on your ability to carry out your project as planned, or that could increase or decrease the costs of development in the short, medium or long term.
If there is already a structure on the property, be sure that you understand its suitability to be converted to your project purposes. Or, if you plan to demolish an existing structure, be sure that you understand any municipal environmental or safety regulations, as well as the costs of prepping the site.
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Get professional engineering, electrical, environmental and architectural evaluations so that you know that the property is sound, safe and suitable for any future renovation or repurposing plans you may have. Even though this may seem to be an unnecessary expense, the potential to catch problems before they have become your problems is well worth it.
You should also be careful to look intocurrent zoning issues, infrastructure, road access, competing interests (for example, Indian land claims), and other things that could impact the value of the land or the limit the ways that you can use the land now and into the future. Don’t forget to find out about proposed municipal plans for new infrastructure, re-zoning or other things that could impact your property or plans.