value. The choice is to pay for a premium location or go somewhere else that isn’t as desirable, for less money. How much you know about an area will depend on the amount of due diligence you put into it. Investors who know which areas are on the upswing or downswing make the most money. You may not be an investor, but the same concept applies. Your broker may know about projects going on in certain areas that could improve the area’s value.
ZONING AND TITLE S G AND TITLE SURVEYS
This is very important because it determines the range of uses that are allowed for the building. When in the buying process, you should request a zoning verification letter from the city to see if the listing and the information on file is correct. The fewer restrictions there are, the more a building owner can adapt to a shifting neighborhood. Rezoning is possible, but you need to be almost 100% sure that you can do that to fit your particular purpose. Check what types of changes or upgrades can legally be made to the outside and inside of the building. On rare occasions, locations have certain restrictions. This can happen if a building is in a historic area. With the title, a detailed survey that was previously done should also be obtained from the city. It will show all the improvements that have been made in the building’s history and all possible title exceptions. This will let you know if there are setbacks that could get in the way of any building plans you may have.
ACCESS TO THE PROPERTY
Insurable access is the other crucial part that you need to find out
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