What is Due diligence, anyway? According to Wikipedia, due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations.
In tagalog, it is "Pag-iingat". This topic about due diligence will be in series as we need to tackle the whole process of investments. This comes in form of questions, tools and simple tips needed for you home buyers coming up the best investment decision.
Rule of thumb, why you need to go for the process of due diligence? Because not at all times, the owner of the property or the property developers will be responsible to problems the buyer does not discover. Now, below are the tips in exercising due diligence:
Verifying or Checking a Good Property Location
1. Use Google map to verify if there are rivers near the site location. Rivers with strong water current post a threat to the community during typhoons. Rivers with elevated bridges are a sign that the river may overflow.
2. Ask the neighborhood, with them you can trace back the history of flooding in the area.
3. Is the location a catch basin? No matter how good the drainage systems are, a location surrounded by mountains with a sign of being a catch basin of rain water is a real threat.
4. Use Nababaha.com site for illustrated map with history and threat of flooding.
5. Verify locations altitude using altitude sites like: DAFTLOGIC.com and ALTITUDE.nu.
6. Check location if it is near an earthquake fault with Philvolcs.dost.gov.ph
7. Check how far the location is using Daftlogic.com or Google map.
8. Is the project a part of reclamation area? With the scarcity of land for development, it is nowadays a trend. Reclaimed areas or commonly known as land fill, mostly low level or submerged wet lands are being reclaimed into new and improved ground for better development. Furthermore, it may post some risks if not well planned and developed.
While we have tools available, it is best going to the site personally before making any reservations.
I remember someone said, "It was hard to sleep in our house every time there is a typhoon because there is a river nearby our subdivision and with history of flooding”.
Thanks for viewing.