What physical characteristics should we be concerned about?
When assessing a property’s physical characteristics, consider all the factors that could have a bearing on the property’s ultimate value in the marketplace. Often it is these characteristics that will determine whether yours are the first lots sold in the area, or the last.
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Physical Characteristics Investors Should Consider When Evaluating a PropertyHere are some key questions to consider:
- Were soil borings and an environmental study part of the initial due diligence prior to the purchase of the property by the previous owner? If so, how comprehensive were they?
- Has anything been done to the property since the initial study that would change things, i.e. top soil, re-grading, retention ponds built, etc?
- Are there any regulated wetlands on the property?
- Is the project subject to a Special Service Area (SSA)? What are the terms of the SSA?
- What is the zoning for all adjacent properties?
- What is the character of the neighborhood? How does this property fit in?
- What are the major transportation corridors nearby? How long does it take to get to the nearest on-ramp or employment center?
- What are the traffic patterns?
- Where are the nearest commercial areas?
- What school district are the properties located in? Are these considered to be the most preferred, middle, or least preferred schools in the target market area?