Furthermore, safety risks to residents should be calculated in terms of safeguarding and cleaning costs. If a safety risk is perceived, it is likely that the value of any new housing will diminish, and that the risk of law suits as a result of health issues may arise. This may eventually detract from the profit that is possible from the project.
There are thus three things that need to be taken into consideration and calculated carefully prior to buying the land. The first is the extent to which the land has been cleared of all waste, hazardous or otherwise. Furthermore the steps to be taken prior to building need to be assessed. If such steps are costly, the cost should be calculated against the buying price of the land. The same is true of worker and inhabitant safety. If the safety of construction workers in terms of training and equipment is costly, this should also be considered against the price of the land. The risk of law suits from either workers or inhabitants should also receive serious attention prior to purchase.
After the above recommended surveys have been made and drawn up in a report, negotiations can take place. It is likely that the buyer's interest may still exist after the reports have been made, since adjacent new housing suggests the viability of the project. The buyer and seller can then negotiate a price according to the variety of safety risks as recommended by the consultants. In terms of this, interviews can also be conducted with current residents of the new housing complex adjacent to the proposed land.
In general, I would recommend buying the land after sufficient surveys and negotiations have been conducted. There are certainly risks in terms of safety and contaminants, but I believe these are indicated to be minimal when the adjacent housing is taken into account. When costs and profits are calculated thoroughly, this can be a profitable venture for…