April 29, 2014
The Importance Of Due Diligence In Commercial Real Estate
Tips for Bay Area Real Estate Investors
Whether you’re a Bay Area investor or a land developer, you need to protect your bottom line. When you invest in a Bay Area property, not only do you risk money out of pocket, but you can also wind up being liable for eccentric, long term costs.
For instance, let’s say that you purchase a brownfields site to restore and build a gas station, or industrial facility. Months after you ink the deal, an environmental consulting group finds that the previous property owner allowed polluted water to drain into the property’s aquifer, and that pollution has spread underground. You may be liable to clean up what the old property owner did with no guarantees that you can sue that owner to recoup costs. Furthermore, other landowners in the surrounding area can also sue you for their cleanup costs! This is a situation no developer wants to be in.
The moral is that you need to do your due diligence before you make a purchase or even seriously invest your time and energy into R&D.
Consult with the Environmental Engineers at Essel!
For help with the art and science of property assessment and site engineering, connect with Essel Environmental Consulting. Our environmental team has the skills, knowledge, and network of experts that you need to do your due diligence so that you can make better commercial real estate purchases. Talk to our team immediately for a free consultation about your needs so we can help you feel more comfortable with the investment decisions you make. Call us at 1-800-595-7616.