To do your own property due diligence, you should take the following steps:
- Research the location of the property. Look into the surrounding area, including the condition of nearby properties, crime rates, and any planned developments.
- Review the property’s title and deeds to ensure that there are no outstanding liens or other legal issues that could affect your ownership of the property.
- Inspect the property thoroughly, paying attention to the condition of the structure, any necessary repairs or renovations, and any potential health or safety hazards.
- Research any zoning or building code regulations that may affect the property and any future plans you have for it.
- Review any available financial information, including the property’s income and expenses, to determine its financial viability as an investment.
- Consult with experts, such as a real estate agent, a property inspector, and a lawyer, to get professional opinions on the property and any potential issues.
- After completing your research, weigh all the information to make an informed decision.