A basic real estate investment plan is one that can be flawed without research. Simply speaking the purpose of property investment is to gain property for less money and then sell the property for more.
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 and they make sure the sale goes off without a hitch when it comes to profit booking.
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 landowners 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.
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 the tainted property. Therefore always have the proper environmental testing completed to ensure that the property is clean and clear of any environmental issues.
Tess is an avid blogger who covers a variety of topics including property investments and how to sell your house fast. Tess is also skilled in making better returns by flipping the property and homes with the help of companies that buy the homes fast and offer good cash in return.