Melbourne, Florida, is one of the busiest real estate markets in the country. Millions of dollars of transactions are done every year, with real estate closings being a major source of revenue. Of course, it is important for prospective buyers, and their brokers, to do due diligence. By doing their homework about the property they plan to buy, they can make sure that they will be getting what they will be paying for.
Even before going to the location, learn as much about the property as you can from the real estate agent, including its specifications and all available details about recent capital improvements. Those improvements affect the value of the property while protecting you from having to spend on the same things after purchasing the property.
You’ll also want to very carefully review the zoning for the property, which can affect everything from how you can use it, to what you can build on it, to whether you can store things outside. Failing to determine what zoning permits before buying a property can be very costly for you after buying the property, so it is definitely worth the time to go over what you plan to do on the property, and how zoning affects that, with an experienced attorney.
You’ll also want to check out local roads and highways. Make sure that it will be easy to get the goods you need delivered to the property and shipped from the property. Issues in those regards can be very expensive if not addressed proactively.
You’ll also want to employ experts to inspect the property, so that you can know everything you need to about the electrical and water systems, as well as any structural issues of the buildings. The best rule of thumb is when in doubt, check it out, and don’t presume that any aspect of the property is in great shape until you get a certified report from your experts confirming that.
Source: Smart Business, “Buyers should use the due diligence period to confirm their expectations,” Adam Burroughs, accessed Jan. 10, 2018
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