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- Property Specific Risks
Property Specific Risks
... and how to manage them.
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Property Specific Risks
Avoid Unnecessary Project Pain
We deal with the Location Risks in a separate tip. For now we are focusing on the property itself and its improvements (immovable structures).
Property specific risks include:
Renovation issues that are not foreseeable (behinds walls etc.)
Cost overruns
Completion delays
Permitting
Time to procure, especially important if using financing.
Entitlement - will the local governing authority even permit the proposed work to go forward?
Environmental - Issues can include soil contamination, subsidence, mineral rights, and previous use. For example, if a property was known to have been previously used as a meth lab, there are mitigation requirements.
Prior litigation - boundary issues, neighbor disputes, and right-of-way issues are not common, but do occur.
For 5 tips on how to manage these risks, click here.

