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Unissued Stock Certificate Juliana Coal Company Scotland Ills Illinois
Unissued Stock Certificate Juliana Coal Company Scotland Ills Illinois
$25.75
quality
AMERICAN SILVER COPPER MINING MILLING  REDUCTION CO1800S UNISSUED STOCK
AMERICAN SILVER COPPER MINING MILLING REDUCTION CO1800S UNISSUED STOCK
$19.95
quality
DESERT GOLD mining CO stock Utah OLD wonderful hard rock miner vignette
DESERT GOLD mining CO stock Utah OLD wonderful hard rock miner vignette
$10.00
quality
BEAVER COMBINATION MINING CO Star district Utah old mining stock certificate
BEAVER COMBINATION MINING CO Star district Utah old mining stock certificate
$10.00
quality
1930 Los Bronces Mining Company Nevada Stock w stamp
1930 Los Bronces Mining Company Nevada Stock w stamp
$14.95
quality
BUFFALO HUMP MINING COMPANY1900 STOCK CERTIFICATE
BUFFALO HUMP MINING COMPANY1900 STOCK CERTIFICATE
$4.20
quality
TAMARACK  CUSTER CONSOLIDATED MINING COMPANY1917 STOCK CERTIFICATE
TAMARACK CUSTER CONSOLIDATED MINING COMPANY1917 STOCK CERTIFICATE
$7.15
quality
INDUSTRIAL MINING COMPANY1904 STOCK CERTIFICATE
INDUSTRIAL MINING COMPANY1904 STOCK CERTIFICATE
$19.00
quality
THE HENNEPIN MINING COMPANYUNISSUED STOCK CERTIFICATE
THE HENNEPIN MINING COMPANYUNISSUED STOCK CERTIFICATE
$5.80
quality
UTAH APEX MINING COMPANY1922 STOCK CERTIFICATE
UTAH APEX MINING COMPANY1922 STOCK CERTIFICATE
$4.00
quality
FIRST NATIONAL MINING COMPANYUNISSUED STOCK CERTIFICATE
FIRST NATIONAL MINING COMPANYUNISSUED STOCK CERTIFICATE
$5.75
quality
AJAXNEVADA GOLD MINING COMPANYUNISSUED STOCK CERTIFICATE
AJAXNEVADA GOLD MINING COMPANYUNISSUED STOCK CERTIFICATE
$7.95
quality
THE CARIBOU MINING AND DEVELOPMENT COMPANY SHAWNEE OHIO1900S UNISSUED STOCK
THE CARIBOU MINING AND DEVELOPMENT COMPANY SHAWNEE OHIO1900S UNISSUED STOCK
$6.55
quality
THE CANYON COAL MINING CO LTDEARLY 1900S UNISSUED STOCK CERTIFICATE
THE CANYON COAL MINING CO LTDEARLY 1900S UNISSUED STOCK CERTIFICATE
$6.95
quality
NATIONAL TUNNEL  MINES COMPANY1938 STOCK CERTIFICATE
NATIONAL TUNNEL MINES COMPANY1938 STOCK CERTIFICATE
$5.20
quality
Stock Certificate THE LEHIGH COAL AND NAVIGATION COMPANY
Stock Certificate THE LEHIGH COAL AND NAVIGATION COMPANY
$5.75
quality
Vintage Stock Certificate Champion Copper Company
Vintage Stock Certificate Champion Copper Company
$45.75
quality
162 Year Old Stock Certificate Quincy Mining Company of Michigan 1852
162 Year Old Stock Certificate Quincy Mining Company of Michigan 1852
$125.00
quality
Puritan Mining Company Ltd IA 19 Stock Certificate
Puritan Mining Company Ltd IA 19 Stock Certificate
$15.00
quality
Vintage Chicago and Denver Reduction Company Stock Certificate 1887
Vintage Chicago and Denver Reduction Company Stock Certificate 1887
$44.99
quality
1901 Buffalo Hump Mining Company New York stock certificate share
1901 Buffalo Hump Mining Company New York stock certificate share
$9.99
quality
UNITED STATES SMELTING REFINING AND MINING COMPANY1970 STOCK CERTIFICATE
UNITED STATES SMELTING REFINING AND MINING COMPANY1970 STOCK CERTIFICATE
$2.95
quality
HAMILTON MAMMOTH MINES INCUNISSUED STOCK CERTIFICATE
HAMILTON MAMMOTH MINES INCUNISSUED STOCK CERTIFICATE
$5.50
quality
ALTAMINA MINING CORPORATIONUNISSUED STOCK CERTIFICATE
ALTAMINA MINING CORPORATIONUNISSUED STOCK CERTIFICATE
$4.30
quality
Erie Gold  Silver Mining Co Austin Nevada Territory c1864 stock
Erie Gold Silver Mining Co Austin Nevada Territory c1864 stock
$3.99
quality
1920 Stock Certificate North Butte MN Mining Company Gold Silver 100 Shares
1920 Stock Certificate North Butte MN Mining Company Gold Silver 100 Shares
$6.99
quality
1912 Stock Arizona United Mining Company 300 shares
1912 Stock Arizona United Mining Company 300 shares
$29.74
quality
Ohadi Mines Corporation ID 19 Stock Certificate
Ohadi Mines Corporation ID 19 Stock Certificate
$15.00
quality
Sundance Gold Mining  Exploration 1981 Stock Certificate
Sundance Gold Mining Exploration 1981 Stock Certificate
$9.95
quality
1905 Stock Certificate Pennmont Consolidated Mining Co Scranton PA Penn
1905 Stock Certificate Pennmont Consolidated Mining Co Scranton PA Penn
$12.99
quality
NYSE STOCK TICKET AAHOUSMAN  CO MAGMA COPPER NY TAX STAMPS
NYSE STOCK TICKET AAHOUSMAN CO MAGMA COPPER NY TAX STAMPS
$2.04
quality
NYSE STOCK TICKET LYNCHPIERCEFENNER  BEANE PENNSYLVANIA TAX STAMP
NYSE STOCK TICKET LYNCHPIERCEFENNER BEANE PENNSYLVANIA TAX STAMP
$6.37
quality
The deSoto Placer Mining Co 1903 West Virgnia mines stock certificate share
The deSoto Placer Mining Co 1903 West Virgnia mines stock certificate share
$29.99
quality
1912 Montana Tonopah Mines Co Stock Certificate
1912 Montana Tonopah Mines Co Stock Certificate
$29.95
quality
Metal Production Company California gold mining stock certificate share
Metal Production Company California gold mining stock certificate share
$9.99
quality
1907 Tri Metalic Mining  Development Company Stock Certificate Goldfield Nevada
1907 Tri Metalic Mining Development Company Stock Certificate Goldfield Nevada
$41.00
quality
1864 Preston Coal Company Stock Certificate Signed by Henry D Moore Colorado
1864 Preston Coal Company Stock Certificate Signed by Henry D Moore Colorado
$10.49
quality
1873 Mammoth Vein Coal Company Stock Cert Signed By US Rep Franklin Gowen
1873 Mammoth Vein Coal Company Stock Cert Signed By US Rep Franklin Gowen
$9.99
quality
SAN DAVID AURORA AURORA EXTENSION COMPANY MINING STOCK FRAMED
SAN DAVID AURORA AURORA EXTENSION COMPANY MINING STOCK FRAMED
$29.99
quality
North Hudson Coal Co 1933 old stock certificate share 4 Irving Cohen
North Hudson Coal Co 1933 old stock certificate share 4 Irving Cohen
$14.99
quality
Raven Mining Company 1908 Wardner Idaho stock certificate 11720 shares
Raven Mining Company 1908 Wardner Idaho stock certificate 11720 shares
$16.99
quality
1933 BALD BUTTE GOLD MINES Stock Certificate Marysville Montana SHIPS FREE
1933 BALD BUTTE GOLD MINES Stock Certificate Marysville Montana SHIPS FREE
$4.99
quality
Glen Alden Corporation purple bond certificate coal stock share scripophily
Glen Alden Corporation purple bond certificate coal stock share scripophily
$9.99
quality
1888 Mining Stock w Seth Bullock Signature Deadwood Dakota Ruby Bell Gold
1888 Mining Stock w Seth Bullock Signature Deadwood Dakota Ruby Bell Gold
$700.00
quality
1873 OTTER HEAD CONSOLIDATED TIN LAND POOL STOCK CERTIFICATE MICHIGAN
1873 OTTER HEAD CONSOLIDATED TIN LAND POOL STOCK CERTIFICATE MICHIGAN
$20.49
quality
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULFUR COMPANY DATED 1968
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULFUR COMPANY DATED 1968
$3.00
quality
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1967 EXCELLENT
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1967 EXCELLENT
$1.99
quality
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1967
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1967
$1.99
quality
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1969 EXCELLENT
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1969 EXCELLENT
$1.99
quality
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1969
VINTAGE STOCK CERTIFICATE PAN AMERICAN SULPHUR COMPANY DATED 1969
$1.99
quality
Hobson Mining Company Capital Stock Certificate
Hobson Mining Company Capital Stock Certificate
$35.00
quality
ANTIQUE STOCK CERTIFICATES 1903 JONES CIGAR CO  1902 HELEN GOLD MINE CO
ANTIQUE STOCK CERTIFICATES 1903 JONES CIGAR CO 1902 HELEN GOLD MINE CO
$30.00
quality
1881 Stock SILVER GLANCE Consolidated Co ALMA Colorado MINING
1881 Stock SILVER GLANCE Consolidated Co ALMA Colorado MINING
$72.00
quality
Stock Certificate BIG AMERICAN REDUCTION CO North Carolina 1800s mining vignette
Stock Certificate BIG AMERICAN REDUCTION CO North Carolina 1800s mining vignette
$19.43
quality
1885 Stock SILVER THREAD Consolidated Mining Co COLORADO
1885 Stock SILVER THREAD Consolidated Mining Co COLORADO
$22.50
quality
1881 Stock SOUTH SIDE Milling  Mining Co LEADVILLE Colorado
1881 Stock SOUTH SIDE Milling Mining Co LEADVILLE Colorado
$42.00
quality
1903 Stock SPEARFISH Mining  Reduction Co SOUTH DAKOTA
1903 Stock SPEARFISH Mining Reduction Co SOUTH DAKOTA
$36.67
quality
Exchequer Gold and Silver Mining Company Storey Nevada stock certificate share
Exchequer Gold and Silver Mining Company Storey Nevada stock certificate share
$9.99
quality
1894 Stock SPRINGDALE Mining  Milling Co BOULDER COUNTY Colorado
1894 Stock SPRINGDALE Mining Milling Co BOULDER COUNTY Colorado
$10.50
quality
1891 Stock STATESMAN Mining Co ASPEN Colorado
1891 Stock STATESMAN Mining Co ASPEN Colorado
$42.00
quality
1880 Stock TENDERFOOT Cons Mining Co LEADVILLE Colorado
1880 Stock TENDERFOOT Cons Mining Co LEADVILLE Colorado
$47.00
quality
1886 Stock THORNTON Coal Co CANON CITY Colorado MINING
1886 Stock THORNTON Coal Co CANON CITY Colorado MINING
$16.00
quality
1896 Stock TOM McKIM Gold Mining  Milling Co GILPIN County COLORADO
1896 Stock TOM McKIM Gold Mining Milling Co GILPIN County COLORADO
$10.50
quality
VTG Stony Creek Gold Mining  Milling Company Stock Certificate Montana 1914 N
VTG Stony Creek Gold Mining Milling Company Stock Certificate Montana 1914 N
$124.95
quality
S153 Alma Lincoln Mining Company 1930s Stock Certificate Orange
S153 Alma Lincoln Mining Company 1930s Stock Certificate Orange
$11.99
quality
1937 National Tunnel and Mines Company Stock Certificate Jackhammers Maine
1937 National Tunnel and Mines Company Stock Certificate Jackhammers Maine
$8.00
quality
1955 The Lehigh Coal and Navigation Company Common Stock
1955 The Lehigh Coal and Navigation Company Common Stock
$8.99
quality
TROUT MINING COMPANY STOCK CERTIFICATE 1958
TROUT MINING COMPANY STOCK CERTIFICATE 1958
$4.74
quality
1952 NATIONWIDE MINERALS LIMITED 30 SHARES STOCK CERTIFICATE ONTARIO CANADA
1952 NATIONWIDE MINERALS LIMITED 30 SHARES STOCK CERTIFICATE ONTARIO CANADA
$15.00
quality
Ardsley Butte Mines Corporation SD 1926 Stock Certificate
Ardsley Butte Mines Corporation SD 1926 Stock Certificate
$19.95
quality
Blue Lizard Mines Utah uranium mine stock certificate
Blue Lizard Mines Utah uranium mine stock certificate
$9.99
quality
Nevada Commonwealth Mining  Milling Company stock cert 1906 NO 327 uncancelled
Nevada Commonwealth Mining Milling Company stock cert 1906 NO 327 uncancelled
$40.00
quality
Broker Owned Stock Certificate Wedbush Morgan payee Golden Maple Mine issuer
Broker Owned Stock Certificate Wedbush Morgan payee Golden Maple Mine issuer
$9.99
quality
Hayden Hill Consolidated Mining Company ID 1954 Stock Certificate
Hayden Hill Consolidated Mining Company ID 1954 Stock Certificate
$12.95
quality
Joe Dandy Mining Company CO 1957 Stock Certificate
Joe Dandy Mining Company CO 1957 Stock Certificate
$12.95
quality
Metaline Mining  Leasing Company WA 1959 Stock Certificate
Metaline Mining Leasing Company WA 1959 Stock Certificate
$12.95
quality
Buffalo Hump Mining Company Stock Certificate New York
Buffalo Hump Mining Company Stock Certificate New York
$4.99
quality
2 different vintage stock certificates American Natural Gas Company
2 different vintage stock certificates American Natural Gas Company
$6.00
quality
3 different vintage stock certificates Anaconda Copper Mining Company Montana
3 different vintage stock certificates Anaconda Copper Mining Company Montana
$11.99
quality
1949 Idaho Consolidated Mines Inc Stock Certificate A Washington Corporation
1949 Idaho Consolidated Mines Inc Stock Certificate A Washington Corporation
$9.99
quality
11 Vtg Mining  Utility Stock Certificates Glen Alden Coal Tung Sol Magma Copper
11 Vtg Mining Utility Stock Certificates Glen Alden Coal Tung Sol Magma Copper
$40.00
quality
TUOLUMNE COPPER MINING COMPANY1919 STOCK CERTIFICATE
TUOLUMNE COPPER MINING COMPANY1919 STOCK CERTIFICATE
$5.35
quality
ARGONNE DIVIDE MINING COMPANY NEVADA1920 STOCK CERTIFICATE
ARGONNE DIVIDE MINING COMPANY NEVADA1920 STOCK CERTIFICATE
$7.35
quality
NEWMONT MINING CORPORATION1972 STOCK CERTIFICATE
NEWMONT MINING CORPORATION1972 STOCK CERTIFICATE
$5.20
quality
ACACIA GOLD MINING COMPANY1899 STOCK CERTIFICATE
ACACIA GOLD MINING COMPANY1899 STOCK CERTIFICATE
$9.95
quality
CLYDE MOHAWK CONSOLIDATE MINING  MILLING STOCK WASHINGTON 1897 UNCANCELLED
CLYDE MOHAWK CONSOLIDATE MINING MILLING STOCK WASHINGTON 1897 UNCANCELLED
$20.00
quality
Chesterfield Copper Company 1907 Arizona mining stock certificate share
Chesterfield Copper Company 1907 Arizona mining stock certificate share
$24.99
quality
Vintage stock certificate Bell Mountain Silver Mines Inc 2 different Nevada
Vintage stock certificate Bell Mountain Silver Mines Inc 2 different Nevada
$7.50
quality
GENUINE 100 year old Gold Mining Stock Certificate AU Remainder with IMPRINT
GENUINE 100 year old Gold Mining Stock Certificate AU Remainder with IMPRINT
$19.95
quality
SPECIMEN Callahan Mining Corp Stock Certificate
SPECIMEN Callahan Mining Corp Stock Certificate
$50.00
quality
Lincoln Mountain Mining Milling Tunnel  Transportation Company Stock
Lincoln Mountain Mining Milling Tunnel Transportation Company Stock
$9.00
quality
ANTIQUE PITTSBURG SILVER PEAK GOLD MINING STOCK CERTIFICATE ORIGINAL NR EVER
ANTIQUE PITTSBURG SILVER PEAK GOLD MINING STOCK CERTIFICATE ORIGINAL NR EVER
$9.99
quality
THE LUCRATIVE CONSOLIDATED MINING COMPANY OF COLORADO STOCK CERTIFICATE
THE LUCRATIVE CONSOLIDATED MINING COMPANY OF COLORADO STOCK CERTIFICATE
$29.99
quality
Stock Mammoth Butte Mining Company Montana 1900s
Stock Mammoth Butte Mining Company Montana 1900s
$9.99
quality
STOCK CERTIFICATE WILLET SILVER MINES LIMITED ONTARIO CANADA 100 SHARES
STOCK CERTIFICATE WILLET SILVER MINES LIMITED ONTARIO CANADA 100 SHARES
$40.00
quality
Tamarack and Chesapeak Mining Co stock certificate
Tamarack and Chesapeak Mining Co stock certificate
$24.99
quality
CANADA 1908 Highlander Mill and Mining Co Stock Certificate British Columbia
CANADA 1908 Highlander Mill and Mining Co Stock Certificate British Columbia
$76.00
quality
MARYLAND 1853 Parker Vein Coal Co Stock Certificate Barrallville
MARYLAND 1853 Parker Vein Coal Co Stock Certificate Barrallville
$299.00
quality
ARIZONA Amalgamated Mining  Oil Company Stock Certificate 1907
ARIZONA Amalgamated Mining Oil Company Stock Certificate 1907
$44.00
quality
ARIZONA TERRITORY 1882 Picacho Silver Mining Co of Arizona Stock Certificate 3
ARIZONA TERRITORY 1882 Picacho Silver Mining Co of Arizona Stock Certificate 3
$129.00
quality
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Mining Stock

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MINING STOCKS Vs PHYSICAL GOLD & SILVER - Mike Maloney

Managing Risk In Property Development

Whether we realise it or not, managing risk is something we all deal with everyday. For example, the simple process of crossing a street involves a certain degree of risk which we manage without even blinking an eyelid. Imagine for a moment crossing a busy street without looking left and right, without gauging the direction and speed of traffic, and without gauging the distance of the street we are crossing. Thankfully most of us are very good at managing these everyday risks effectively.

But what about managing the risks of something as complex as a property development project? Well, whilst the risks are more numerous and greater in complexity there are still certain measures you can take to manage them effectively. Let's take a look at some of the more notable risks in performing a property development project and how you can manage them effectively.

Risk No. 1 - Not Having Enough Knowledge
By far and away the greatest risk in property development is the risk of undertaking a project with insufficient knowledge. I have seen it many times before where individuals undertake their first project with sugar coated expectations of how easy property development is only to find themselves in strife half way down the track because they were not willing to invest in knowledge. Many people will tell you that ignorance is bliss but when it is your money in the deal and your name as guarantor on the loan ignorance can be a very costly thing! So, how can you manage this risk and become more knowledgeable in property development? Well, there are three main options available to you.

Firstly, track down some quality property development books and acquire a comprehensive knowledge of the property development process. Secondly, with this knowledge you should then attend a quality property development workshop to sharpen up the practical application of your knowledge. Thirdly, having read some books and attended a workshop you should then be equipped with the necessary knowledge to undertake your own property development project. For those that lack the necessary confidence to undertake their own project it is possible to team up with an experienced property development manager to manage your first project. This way you can learn 'on the job' under the guidance of an experienced property developer and progressively graduate yourself into managing your own projects.

Risk No. 2 - Paying too Much for Your Development Site
There are few things worse than paying over the odds for a development site and being left with the prospect of bearing all of the risk and performing all of the work necessary to complete the project only to break even or make a tiny profit.

So how do you manage this risk and ensure that you do not pay too much for your development site? Well, it all comes back to the number crunching prior to purchasing the development site. It is absolutely critical that a comprehensive financial feasibility is performed prior to purchasing a development site. Given that a financial feasibility is only as good as the assumptions made in it, it is absolutely critical that you do your homework to ensure the accuracy of your assumptions.

As part of your financial feasibility you can calculate what's called a residual land value. A residual land value is simply determined by estimating the project's gross revenue then subtracting the various expenses (excluding the development site) and an adequate profit margin to leave the residual value of the development site. A residual land value will provide you with the maximum amount that you can afford to pay for a development site therefore ensuring you never pay too much.

Risk No. 3 - Purchasing a Lemon Development Site
Whilst we all understand the risk of purchasing a lemon car, few people realise that it is possible to purchase a lemon development site.

So how do you manage this risk and ensure that you do not purchase a lemon development site. Well, it all comes back to performing a thorough investigation of the development issues of the site, better known as a due diligence analysis. The due diligence analysis may be performed either prior to purchasing the site or as a condition of the contract. Either way, the performance of a thorough due diligence analysis should incorporate each of the following issues:

+ environmental and heritage issues (e.g. presence of vegetation protection orders, heritage listed buildings etc.)
+ flood issues (e.g. presence of a flood regulation line)
+ geotechnical issues (e.g. presence of acid sulphate soil, contaminated soil, underground rocks, underground water, unstable fill etc.)
+ mining issues (e.g. impact of mining subsidence)
+ service issues (e.g. proximity of services to site, capacity of services for the proposed development etc.)
+ stormwater issues (is there a legal point of discharge, if not are adjoining owners amenable etc.)
+ title related issues (e.g. presence of caveats, covenants, easements, encumbrances, interest details, administrative advices, unregistered dealings etc.)
+ zoning issues (compatibility of current zoning to the proposed use)

Whilst a development site with the necessary local authority permits in place will have overcome most of these issues, it is nonetheless advisable to investigate the various issues as a matter of course. A thorough due diligence analysis can be a rather time consuming process but given the cost involved in getting it wrong it is time very well spent!

Risk No. 4 - Construction Costs Blow Out
Construction costs are generally the greatest expense component in a property development project. As such, it only takes a slight proportional change in its cost to have a significant impact on the projects bottom line.

So how do you manage this risk and ensure that a blow out in construction costs does not destroy your bottom line? Well, the best way is to ensure that you use a lump sum fixed price contract. A lump sum fixed price contract is a contract where the price is determined by the building contractor which includes all associated costs such as materials, labour and profit margin. As the name suggests, the contract price is fixed from the day the contract is signed. The only things that will vary the price are variations to the contract or fluctuations in provisional or prime cost items. As such you should try to limit the number of variations made to the contract, and whilst nothing can be done to control fluctuations in provisional or prime cost items, it is possible to keep these items to a bare minimum when detailing the contract.

Risk No. 5 - Building Contractor Goes Bust
Perhaps every developer's worst nightmare! By this point in a project most of the hard work has been done and you could certainly be forgiven for having your eyes fixed on completing construction and banking the settlement funds. However, all of this can change in an instant if your building contractor hits financial difficulty and cannot proceed with the works.

So how do you manage a risk such as this? Well, whilst circumstances can change quickly in the construction industry there is certainly a lot to be said for using a building contractor with a good reputation and a proven track record. As a developer you should feel free to make enquiries into the building contractor's project history and financials. After all it is your money in the deal and your name as guarantor on the loan so there should be no reason to feel shy about asking for this sort of information.

Whilst there is no substitute for using a proven reputable building contractor, we are fortunate in Australia in that it is a requirement for building contractors to take out warranty insurance. During construction warranty insurance covers against the building contractor becoming bankrupt or placed into liquidation and against the building contractor failing to complete the works under the contract. After construction it covers against the building contractor failing to fix any defects and against the building suffering from the effects of subsidence or settlement. It is usual practice for building surveyors or local authorities not to issue a building permit until evidence that the building contractor has taken out warranty insurance is provided. Nonetheless, it is prudent that you ensure for yourself that warranty insurance has been taken out.

Risk #6 - Shoddy Construction Work
We've all seen the stories on 'A Current Affair' where the hard working Australian family put all of their money into building their dream home only to arrive on handover to something that is not only displeasing to the eye, but a danger to live in. Whilst these stories are very extremist they do demonstrate a very significant risk that if left unmanaged can be potentially disastrous.

So how do you manage this risk and ensure that you are not met at handover with shoddy construction work? Well, once again there is no substitute for using a proven reputable building contractor. For all of the work that goes into a property development project it is the quality of the construction on which your reputation as a developer can live or die. It is therefore absolutely critical that you do your homework on your building contractor. Always insist on getting the building contractor's project history including contact details for referees from previous projects. This way you can visit the projects and make contact with the previous developers to satisfy yourself as to the whether or not their workmanship meets your standards.

Whilst engaging a proven reputable builder can mitigate this risk to a large extent, you should not simply sit back on your laurels waiting for a phone call when construction is finished. I'm sure you would agree that it is better knowing if something is progressively going wrong and be able to rectify it than to find out at the end that it is beyond rectification. This same rationale applies to construction work and the process of performing regular building inspections.

Throughout the course of a property development project a number of inspections should be performed by various individuals. The structural engineer will need to perform inspections at a few key stages of construction (e.g. footings, slab, framing etc.) to ensure that the approved plans and building regulations are being followed. It is also advisable that you engage your architect or building designer to perform regular inspections to ensure that the works are being performed in accordance with the plans. Once practical completion has been reached you will need to perform a final inspection. By this point, the final inspection will be concerned with minor defects that will be covered under the defects liability period. Generally, the developer and either the development manager, architect or building designer will perform the final inspection.

Whilst the before mentioned risks are by no means an exhaustive list, it should however give you a feel for the more notable risks in property development and how you can manage them effectively. Given the high stakes involved in property development any mismanagement of these risks can prove very costly indeed. If you are not experienced in managing property development projects and don't want to learn the hard way than engage an experienced development manager to act on your behalf. This way you can reap the rewards of being a property developer without becoming another causality to poor risk management.Luke Andersen is a partner of Positive Property Strategies and co-author of 'Residential Real Estate Development: A Practical Guide For Beginners To Experts.'

Positive Property Strategies is an innovative property development business offering property development management, property development advice and property development education. To find out more please visithttp://www.propertystrategies.net

Article Source: http://www.simplysearch4it.com/article/50886.html
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