In today’s podcast, Kathleen and Lief discuss doing your due diligence before buying property, and run through part one of their real estate checklist.
How close is the nearest airport? For rural properties, is there year-round access to the area? For city properties, what are the traffic patterns?
How will security be provided? Does the building or private development you’re looking into have a doorman or security guard 24/7?
– Medical Care
Where is the nearest medical care facility? How many minutes to get there by car in both the wet and the dry season?
– Title Insurance
Is title insurance available for the property from a reputable title insurance company?
If you’re buying a lot in development, is there a building requirement (that is, a specified period of time within which you must build on your lot)?
– Development Community
If you’re buying into a planned development community, what construction and design standards are in place?
How often does the electricity go out to go out in the region where you’ll be living? How reliable are the cable and internet service? What is the condition of the roads? How is water provided to the town or city?
– Home Owner’s Association (HOA)
What are the fees or, in the case of a new development or a pre-construction building, the projected fees?
How will you build (if that’s your plan) from thousands of miles away? Who will oversee construction for you?
What amenities exist in the development or apartment building?
– Track Record
If you’re buying from a developer, is the development company financially sound? Do they have a track record?
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