Essential Risk Assessments For Different Kinds Of Properties
by PM Today / 2/4/2019 9:47:53 AM
No matter what kind of property market you’re investing in, you will always have some key risks. Not all of them will be the same and in fact, depending on your sector of the real estate industry you will have varying types. However what’s not to like?
Real estate is an incredibly lucrative industry which almost always guarantees you to make a profit no matter what kind of area of expertise you are involved in. that’s the great thing about the industry, as long as you do the basics right you will always walk away with a bag full of cash.
There are certain things that crossover from novice to expert and even if you are a business that is in the real estate industry, you will need to do risk assessments even of the most basic kind. If you’re new to this then you will need to break it down quickly and learn fast or you will end up taking a chunk out of your profits that need not be missing.
The common home
The common home can be seen as the simple and basic family home that is built en masse. It's everywhere you look, from joined, semi-detached to detached. The normal size will be around 3 bedrooms and 2 bathrooms. Sometimes they will have their own front garden and usually always some kind of back garden.
There are many different checks you will need to do which a surveyor can do for you. The legal side is their expertise and they will go over any kind of planning restrictions that may need to be shined a light on. Other times you will need a proper risk assessment for the property by specialist companies that are in the commercial field. These companies will look over the age of the foundation, the strength of the structure and the more intricate areas of location. The risks could be that there is a lack of schools around the area, or it could be that there is crime on the rise in the area.
The country home
Homes in the countryside are at risk of different things as compared to homes in a city or suburban neighborhood. You’ll need to contact a specialist company like https://www.promap.co.uk that can give you a risk assessment regarding flooding. Some areas are more prone to others even if it doesn’t seem like it. They will undertake tests and look over various historical records to give you an accurate picture of what you could expect if you were to invest in a certain home.
If you’re a real estate business you also need to provide an honest description of the property so your potential clients can know the truth of what they are buying. Having a risk assessment done that checks over the flood risks will also stand up legally for you and not allow you to be accused of either hiding the truth or not being competent in your health and safety adherence.
The villa home
Coastal homes are at risk of various things that can be shared with country homes. The main concern you must have is the longevity of the villa you are buying. Land erosion is of course a top priority enquiry you must make with the local authorities. It's also good to have a consultancy with a local or region geography expert company. Such a company of experts will give you the information you need to see whether it's a safe purchase you’re making. Even though some homes seem like they’re on the edge of a cliff, the land underneath them might be very sturdy. Other times you might have villas that are quite a bit away from the edge of a hill but the soil is soft and prone to collapsing.
The villa home presents it's own challenge also because, it's one of the most expensive types of homes there is on the market. It's common for even just a basic 3 bedroom villa to sell for millions just because of where the home is built. Investigate the popularity of the location especially for villa homes because the coastal attraction is part and parcel of the villa style.
Different kinds of homes require their own personal risk assessment because their challenges are inherently unique. The basic family home might look great but some are very old and the structure may need further support. Countryside homes are superb because of the natural beauty they have gifted to them but they also must contest mother nature from time to time. Make sure you perform a flood risk so you make a wise decision when it comes to purchasing.