Ensuring Your Home Purchase is a Wise Investment
As a potential homebuyer, you may have already attended an open house and had a home inspection conducted, but what if that isn’t enough? While a home inspection is an important step in the home buying process, it may not reveal all potential issues that could impact your investment in the future. In Ontario, it is crucial to do due diligence before making an offer to purchase, and that includes additional studies and reports beyond a home inspection.
As a leading real estate group in Ontario, The Elevate Real Estate Group with Royal LePage Triland recommends considering the following factors when conducting due diligence on a property:
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Environmental Studies
Environmental studies can reveal potential issues with the land, such as contamination from previous industrial or commercial use. These studies can include Phase I and Phase II Environmental Site Assessments (ESA), which evaluate the environmental conditions of a property and identify any potential risks. This type of study is especially important for properties with a history of industrial or commercial use, as contamination can significantly impact the property’s value.
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Geological Studies
Geological studies can reveal potential geological hazards, such as sinkholes, unstable soil conditions, or flood-prone areas. In Ontario, geological hazards are common, and it’s essential to identify any potential risks before making an offer to purchase a property. A geological study can provide valuable information about the underlying geology of the land, including soil stability and potential seismic activity.
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Zoning Studies
Zoning studies evaluate the property’s zoning designation and identify potential zoning issues that could impact the property’s use. For example, suppose you want to purchase a residential property with plans to convert it into a commercial property. In that case, a zoning study can reveal if the zoning designation allows for commercial use. In some cases, the zoning may be restricted to certain types of commercial use, and it’s essential to understand these restrictions before making an offer.
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Soil Testing
Soil testing can identify potential soil contaminants or other issues that could impact the land’s use. For example, if the property has a history of agricultural use, soil testing can reveal potential contaminants from pesticides or fertilizers. Soil testing can also reveal the soil’s composition, which can impact the property’s foundation and potential for future construction.
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Engineering Reports
Engineering reports can provide valuable information about the property’s structure, including the foundation, framing, and roof. These reports can reveal potential structural issues that may not be apparent during a home inspection. For example, suppose the property has a history of foundation issues. In that case, an engineering report can reveal if those issues have been properly addressed and if there is any potential for future issues.
By conducting due diligence beyond a home inspection, you can ensure you’re investing wisely in your property. These additional studies and reports may seem costly upfront, but they can save you thousands of dollars in future repairs or devaluation of your property.
Elevate Real Estate Group (Stewart Blair, Brittany Wurfel, Jeremy Odland, & Victoria Rowe)
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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.