Investors of property must be very careful to choose the right property for a maximum turn around. This requires a great deal of data and configuration. Some investors purchase strictly residential property for a quick flip, while others invest in commercial buildings for a larger turnaround. No matter what type of property is purchased, there is an investment which means money can be lost or gained. Top performing investors understand the aspects of every purchase to make sure the sale goes off without a hitch.
The purpose of an investment is to gain a property for less money and then sell the property for more. a basic investment plan but one that can be flawed without research. When it comes to commercial property, the investor must be sure the property is in good standing, especially if the land is to be used. An environmental data research plan is a great option to put in place to determine how the land was used since its inception.
Environmental research will be able to determine if the land was used in a negative way by tracking the land owners as well as the usage of the land. This can be done in many different forms but with basic environmental service companies, you can hire someone to do the work for you. Basic services would include:
· Radius Map
· Sanborn Maps
· Historical reports such as topographical maps, historical aerial photographs and a city directory
This information will help you to determine if any hazardous chemicals were used on the property or any waste may still be in play. For example, if the property was used as a dry cleaning facility, chemicals were used. There is a certain way these chemicals must be disposed up and you will need to make sure the property is up to code.
Vapor intrusion is a common environmental issue that many new property owners face. A Phase I site assessment must be completed if vapor intrusion is believed to have taken place on the property and in the soil. If this is the case, certain measures will have to be taken to clear the property. Vapor intrusion is essentially a chemical has polluted soil or groundwater making the area unsafe. As the new property owner, you could face lawsuits or require regulatory attention to your property. It is best to have the proper testing done if there could be any potential for vapor intrusion on your new land.
Smart investors always have the property tested before signing the dotted line. The many different testing phases will put your mind at ease as you will know that the area is clear and environmentally sound. If not, you may end up purchasing property that costs you more to clean up than you initially anticipated and this could cost you both time and money. Your investment would be gone and you would then be stuck with tainted property. Always have the proper environmental testing completed to ensure that your property is clean and clear of any environmental issues.
Tess Young is an avid blogger who covers a variety of topics including property investments. Tess has found that environmental data resources are key when it comes to a successful property investment.