Due diligence on any significant purchase is a must!
You need to do your homework before you make an investment.
This is especially true when buying property. Fortunately, it’s become almost second nature to seek out a number of different professionals to help ensure you have the best possible information to act on.
You know to engage an inspector to ensure there isn’t anything seriously wrong with the property and to acquire the necessary approvals for the building, and to ensure that boundaries of the property are in the proper positions. You consult a financial professional to help you arrange financing and ensure you can pay for and afford your new property. And, you know to have a solicitor undertake important legal searches.
However, many buyers overlook the value that an urban planner’s knowledge can bring to a property purchase. This is especially true if you plan on renovating, developing your property or selling it again in the future.
Urban planners can provide you with a property appraisal which can give you a good foundation to start from. Most importantly, urban planners can give you a realistic sense of what is possible. Too often, I see people purchase a property with a plan to build only to discover later that they need a development approval which is not likely to be granted. This results in stress, heartache and financial pressures.
Development is heavily restricted and sharing your plans with an urban planner before your purchase can help you understand what’s possible and what you can reasonably expect. Many simply do not know that there are approvals required on what we would consider relatively small projects, like building a deck. There’s simply nothing worse than purchasing a property with that beautiful new deck in your mind’s eye only to realise you are not allowed to build it after you have signed the dotted line.
Here’s a few things we do when we undertake our property appraisals:
- COMPLIANCE:We want to ensure your planned development complies with local laws. We’ll let you know what does and doesn’t and help you make a decision on your property purchase with the laws in mind.
- CLIENT OBJECTIVES:We take a commonsense, realistic look at what you want to achieve. Sometimes it simply isn’t possible with the property the customer is currently considering. We’ll tell you that right up front and give you some options to consider.
- TIMELINE + PRICE:Do you have time or budget constraints? The fact is that sometimes it will take months for the Council to process your proposed works and there is a cost associated with most development applications. We’ll give you a good idea of costs and how long your planned development projects will take.
Contact Urban Planners Queensland on (07) 3535 0656 for a Property Appraisal prior to your next real estate purchase.
For sites that have a little more development potential, one of our urban planners can prepare a Development Options Report which looks at the properties opportunities and constraints in greater detail to help you make the best investment possible.