Check List
For Property Purchase - Property Selection
Checklist |
Factors to compare: |
Property 1 |
Property 2 |
Property 3 |
Property 4 |
Property 5 |
Size of the property. |
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Cost of land (property) |
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Estimated future increases or decreases of land
value. |
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Soil condition and type. |
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Building restrictions in the area. |
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Availability of utility services like water,
electricity and phone and if not near what the
cost is to make it happen. |
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Are access roads in good condition? |
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Nearest shopping facilities. |
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Security situation of the neighborhood. |
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If
you have kids are there any close by schools. |
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What are the nearest medical facilities. |
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Construction cost in the area (if way up away
you need to add probably more transportation
cost for materials). |
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Visit the property in the worst rainstorm and
see if there is danger of flooding or
landslides. (Avoid of being to close to a river
or at almost lake/seashore level). |
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Hurricanes or tornados frequent in the area? |
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Is
it very dry land, any danger for future nearby
forest fires? |
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Insurance cost in the area. This gives you
normally also a good indication of risk factors. |
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Check out the neighborhood, talk to some folks
who live there to get an idea, if its noisy or
secure etc. |
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Is
the property close to your workplace. |
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What public transportation is available in the
area? |
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Is
there any airport or railroad close by that is a
noise problem? |
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Bring a friend or constructor along and get a
second opinion. |
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Make sure the legal situation of the property is
in order and get legal advice before signing
anything. |
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If
needed is there financing available and at what
conditions. |
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Are there any tax or building incentives
available in this area. |
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Climate of the area. |
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Existing vegetation like trees and bushes on the
property. |
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Any special feature of the property (like great
view or big garden for example). |
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Other issues. |
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Can you really afford that property? Because be
sure that construction will be more expensive
then your first calculated, so better have
recalculate all factors before committing to
anything and build in a good reserve. |
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From 1 - 10 which property you like best. Spend
some time on the lot to get to know the property
and to get a feel of it. |
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