If you are about to have a home built and are looking at a property development, reading the property report will prove essential to making the right choice. Why is a property report so important? Because it is designed to provide you with all the information you will need to know about the housing development and property. Here is some of the information you should expect to find in a property report:
- Details regarding the kinds of amenities you will enjoy when the development has been finished.
- Distances to local communities and locations of recreational facilities, etc.
- Availability of water and sewer services. The report should also inform you about how much you can expect to pay for utilities both now as well as in the future.
- Problems associated with the building lot that may hinder construction such as issues with the soil, for example.
- Another important piece of information the report needs to contain is whether there are any pre-existing mortgages or liens on the property you are looking at and when you would receive the title for the property.
While this is just a sample of the information a property report contains, it gives you an idea of why obtaining and thoroughly reading such a report is so crucial before signing any contract. It’s also important to be aware that a property report is prepared by the developer so you will want to ensure you get everything that has been promised in the report.