A lot goes into the purchase of a property. But in the midst of the stress and chaos of property purchasing, you should not neglect to do essential environmental due diligence. It should be an indispensable part of determining whether a property is fit for purchase or not. Not doing Proper environmental due diligence in Kelowna can pose many problems in the future.

Why exactly is environmental due diligence important?

1. It helps point out potential environmental hazards.

The problem with environmental hazards is that they are not always obvious. Many environmental hazards are even invisible as they can be detected only when you test the water or soil. You never know what sort of chemicals have been dumped on the ground or what sort of impurities have leached into the water source.

The land could have been contaminated because of how it was used by previous owners or how the whole neighborhood functions. If there are farms or factories nearby, that piece of land you are thinking of purchasing could be contaminated.

Environmental due diligence involves doing a Phase 1 Environmental Site Assessment where the property will be inspected. Its history will be dug up and there will be a thorough evaluation on the properties nearby.

2. It can help minimize liabilities.

If you plan on putting up a commercial or industrial business on that site, you could be liable for many things if the site is proven to be hazardous. By doing testing on the land first, you can identify what hazards you are potentially facing and have these dealt with before you even put up a structure.  

This also minimizes the costs of clean up. If the environmental testing is done after the structure has already been built or after you have already started your business, the costs of fixing the issues could be much higher.

3. You can protect your investment.

When investing your money on something as expensive as a property, you would want to make sure that it’s a worthy investment. You would want to cover all grounds and learn as much as you can about it.

Hazardous wastes and other potential environmental issues can significantly impact the value of the property. The risks of contamination also restrict the way you can develop the property.

4. It ensures that you comply with regulations.

There are regulations set in place to ensure the safety of people when developing land. Failing to comply with these regulations can result in legal issues and even expensive fines.

Doing due diligence is a simple step in the grand scheme of things. So rather than go in blind, get the help of companies like Next Environmental to find out more about the property you are buying.

Cecily John is the author of this article. To know more about environmental due diligence in Kelowna please visit our website: nextenvironmental.com