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1901 Rose Archer Gold Mining Company Stock Certificate CRIPPLE CREEK COLORADO
1901 Rose Archer Gold Mining Company Stock Certificate CRIPPLE CREEK COLORADO
$39.00
quality
New Cornelia Copper Company Stock Certificate Mining
New Cornelia Copper Company Stock Certificate Mining
$5.49
quality
AmericanMexico Exploration Co Antique Stock Certificate w Prospectus Arizona
AmericanMexico Exploration Co Antique Stock Certificate w Prospectus Arizona
$69.99
quality
Atlantic Mining and Milling Company Antique Stock Certificate 1907 Arizona
Atlantic Mining and Milling Company Antique Stock Certificate 1907 Arizona
$69.99
quality
The Gilpin New Era Gold Mines Company 1912 Antique Stock Certificate Arizona
The Gilpin New Era Gold Mines Company 1912 Antique Stock Certificate Arizona
$24.99
quality
1907 VERDE RIVER ARIZONA COPPER CO CAPITAL STOCK CERTIFICATE 4000 SHARES
1907 VERDE RIVER ARIZONA COPPER CO CAPITAL STOCK CERTIFICATE 4000 SHARES
$15.99
quality
1955 The Lehigh Coal and Navigation Company Common Stock
1955 The Lehigh Coal and Navigation Company Common Stock
$8.99
quality
1000 sh 1986 OLD CANCELED STOCK CERTIFICATE BASIC RESOURCES INTL BAHAMAS
1000 sh 1986 OLD CANCELED STOCK CERTIFICATE BASIC RESOURCES INTL BAHAMAS
$8.99
quality
1945 THE LEIGH COAL AND NAVAGATION CO 100 Shares of Common Stock Certificate
1945 THE LEIGH COAL AND NAVAGATION CO 100 Shares of Common Stock Certificate
$6.75
quality
NEWMONT MINING CORPORATION1972 STOCK CERTIFICATE
NEWMONT MINING CORPORATION1972 STOCK CERTIFICATE
$5.35
quality
3 Uranium Company Stock Certificates
3 Uranium Company Stock Certificates
$12.99
quality
ARGONNE DIVIDE MINING COMPANY NEVADA1920 STOCK CERTIFICATE
ARGONNE DIVIDE MINING COMPANY NEVADA1920 STOCK CERTIFICATE
$7.55
quality
LAST CHANCE COPPER MINING COMPANY  Montana 1900S UNISSUED STOCK
LAST CHANCE COPPER MINING COMPANY Montana 1900S UNISSUED STOCK
$5.95
quality
Waverly Tangier Mines Vancouver British Columbia Canada stock certificate
Waverly Tangier Mines Vancouver British Columbia Canada stock certificate
$14.99
quality
CRISP LOVELY 1927 COLORADO MINING OIL STOCK NOW GARDNER DENVER cv 75 ONLY HERE
CRISP LOVELY 1927 COLORADO MINING OIL STOCK NOW GARDNER DENVER cv 75 ONLY HERE
$5.99
quality
TUOLUMNE COPPER MINING COMPANY1919 STOCK CERTIFICATE
TUOLUMNE COPPER MINING COMPANY1919 STOCK CERTIFICATE
$5.50
quality
Molybdenum Corporation Of America 1935 Specimen Stock Certificate
Molybdenum Corporation Of America 1935 Specimen Stock Certificate
$10.00
quality
Dillsburg Copper Lead  Iron Company Pennsylvania mining stock certificate
Dillsburg Copper Lead Iron Company Pennsylvania mining stock certificate
$19.99
quality
1966 The Anaconda Company Blue Stock Certificate
1966 The Anaconda Company Blue Stock Certificate
$2.99
quality
1977 UV Industries Inc Red Stock Certificate
1977 UV Industries Inc Red Stock Certificate
$2.99
quality
1879 Massachusetts and New Mexico Mining Co stock certificate share
1879 Massachusetts and New Mexico Mining Co stock certificate share
$29.99
quality
Pelican Silver Mining Company Stock Certificate Deadwood Dakota 1886 Signed Pres
Pelican Silver Mining Company Stock Certificate Deadwood Dakota 1886 Signed Pres
$24.99
quality
XXX RARE McCLOUD RIVER CALIFORNIA LUMBER STOCK READ HISTORY CV 200 Our Exclus
XXX RARE McCLOUD RIVER CALIFORNIA LUMBER STOCK READ HISTORY CV 200 Our Exclus
$29.99
quality
1910 1912 MEXICO MINING STOCK CIA DE FOMENTO MINERO SA 3 DIFFERENT
1910 1912 MEXICO MINING STOCK CIA DE FOMENTO MINERO SA 3 DIFFERENT
$19.50
quality
THE FINDLEY GOLD MINING COMPANY COLORADO1900 STOCK CERTIFICATE
THE FINDLEY GOLD MINING COMPANY COLORADO1900 STOCK CERTIFICATE
$21.95
quality
Stock Ruby Hill Tunnel  Mining Company Eureka Nevada 1880s
Stock Ruby Hill Tunnel Mining Company Eureka Nevada 1880s
$9.99
quality
Stock Monarch Mining Company Chaffee County Colorado 1800s
Stock Monarch Mining Company Chaffee County Colorado 1800s
$15.00
quality
S042 North Butte Mining Company 1900s Stock Certificate Green
S042 North Butte Mining Company 1900s Stock Certificate Green
$5.99
quality
Kerr McGee Corporation oil  gas drilling  uranium mining stock certificate
Kerr McGee Corporation oil gas drilling uranium mining stock certificate
$9.99
quality
Hannapah Mining and Smelting Company UT 1906 Stock Certificate
Hannapah Mining and Smelting Company UT 1906 Stock Certificate
$14.95
quality
THE EARLY SILVER MINING COMPANY BUENA VISTA COLORADO 1880S STOCK CERTIFICATE
THE EARLY SILVER MINING COMPANY BUENA VISTA COLORADO 1880S STOCK CERTIFICATE
$43.70
quality
Illinois Coal Corporation Stock Certificate Mining
Illinois Coal Corporation Stock Certificate Mining
$4.99
quality
NYSE STOCK RECEIPT KISSELKINNICUTT CO 1913 NICKEL
NYSE STOCK RECEIPT KISSELKINNICUTT CO 1913 NICKEL
$6.99
quality
S049 Pocahontas Consolidated Company 1904 Stock Certificate Green
S049 Pocahontas Consolidated Company 1904 Stock Certificate Green
$14.99
quality
International Victory Mining Company 1919 400 Shares Stock Nevada 8 Miners
International Victory Mining Company 1919 400 Shares Stock Nevada 8 Miners
$7.75
quality
Stock Share Certificate 100x 5 Shares Arizona Commercial Mining Co Inc in Maine
Stock Share Certificate 100x 5 Shares Arizona Commercial Mining Co Inc in Maine
$8.95
quality
Stock Certificate 500x 1 Shares Louis dOr Gold Mining Co Inc in Arizona 1912
Stock Certificate 500x 1 Shares Louis dOr Gold Mining Co Inc in Arizona 1912
$8.95
quality
Little Mattie Mining Milling and Power Co 1906 25 Shares Stock Vignette Gold
Little Mattie Mining Milling and Power Co 1906 25 Shares Stock Vignette Gold
$12.75
quality
Stock Certificate Shares Stanley Consolidated Mining  Milling Co Never Issue
Stock Certificate Shares Stanley Consolidated Mining Milling Co Never Issue
$8.95
quality
Stock Certificate 100x 050 Shares Cusi Mexicana Mining Co Inc in Maine
Stock Certificate 100x 050 Shares Cusi Mexicana Mining Co Inc in Maine
$8.95
quality
Stock Certificate 100x 1500 Shares North Butte Mining Co Inc in Minnesota
Stock Certificate 100x 1500 Shares North Butte Mining Co Inc in Minnesota
$8.95
quality
Stock Certificate 100x 100 Shares Nixon Nevada Mining Co1917 Inc in Maine
Stock Certificate 100x 100 Shares Nixon Nevada Mining Co1917 Inc in Maine
$8.95
quality
Jumbo Copper Mountain Mining Nevada stock certificate
Jumbo Copper Mountain Mining Nevada stock certificate
$7.99
quality
Stock Certificate Shares German American Cons Gold Mining Co Never Issued
Stock Certificate Shares German American Cons Gold Mining Co Never Issued
$8.95
quality
Stock Certificate 100x Shares The Anaconda Co Inc in Montana Copper Mining
Stock Certificate 100x Shares The Anaconda Co Inc in Montana Copper Mining
$8.95
quality
CRESCENT OIL and MINING COMPANY 1892 STOCK CERTIFICATE ISSUE  2
CRESCENT OIL and MINING COMPANY 1892 STOCK CERTIFICATE ISSUE 2
$9.95
quality
Magma Copper Company Stock Certificate 1925
Magma Copper Company Stock Certificate 1925
$1.75
quality
North Butte Mining Company Stock Certificate 4 Certificates
North Butte Mining Company Stock Certificate 4 Certificates
$4.00
quality
Stock Empire Mill and Mining Company Amador  El Dorado County CA 1878
Stock Empire Mill and Mining Company Amador El Dorado County CA 1878
$150.00
quality
1906 King Edward Silver Mines Stock Certificate
1906 King Edward Silver Mines Stock Certificate
$9.95
quality
1910 Mexico stock bond Minera Saturno Hostotipaqillo Jalisco
1910 Mexico stock bond Minera Saturno Hostotipaqillo Jalisco
$44.99
quality
1895 Mexico stock bond Compaia Minera La Redencion Pachuca Hidalgo
1895 Mexico stock bond Compaia Minera La Redencion Pachuca Hidalgo
$29.99
quality
1913 Mexico stock bond Minera La Reina y anexas Mineral del Monte
1913 Mexico stock bond Minera La Reina y anexas Mineral del Monte
$24.99
quality
1907 Mexico stock bond Compaia Minera Las Golondrinas y anexas
1907 Mexico stock bond Compaia Minera Las Golondrinas y anexas
$29.99
quality
1895 Stock certificate Mexico Menas Auriferas Gold Mining Co
1895 Stock certificate Mexico Menas Auriferas Gold Mining Co
$29.99
quality
1923 Mexico stock bond Compaia Minera San Rafael y Anexas
1923 Mexico stock bond Compaia Minera San Rafael y Anexas
$69.99
quality
1911 Mexico stock bond Cia Minera La Alhambra 1 share Mineral de almoloya Chihua
1911 Mexico stock bond Cia Minera La Alhambra 1 share Mineral de almoloya Chihua
$24.99
quality
1896 Mexico stock bond Compaia Minera La Exploradora Saltillo
1896 Mexico stock bond Compaia Minera La Exploradora Saltillo
$16.99
quality
1910 Stock Mexico Seguranza Mining Co San Luis Potosi w coupons uncancelled
1910 Stock Mexico Seguranza Mining Co San Luis Potosi w coupons uncancelled
$79.99
quality
1927 Mexico stock bond Petroles France Mexique oil co
1927 Mexico stock bond Petroles France Mexique oil co
$24.99
quality
1922 Mexico stock bond Compaia Minera la Blanca
1922 Mexico stock bond Compaia Minera la Blanca
$14.99
quality
1921 Mexico stock bond Compaia Minera El Aguila en Guadalajara
1921 Mexico stock bond Compaia Minera El Aguila en Guadalajara
$19.99
quality
Tamarack  Custer Consolidated Mining stock certificate
Tamarack Custer Consolidated Mining stock certificate
$29.99
quality
Jefferson Coal Company Stock Certificate West Virginia Mining
Jefferson Coal Company Stock Certificate West Virginia Mining
$9.99
quality
Ohio Copper Company of Utah 1924 for 100 Shares of Stock Nice Vignette Miners
Ohio Copper Company of Utah 1924 for 100 Shares of Stock Nice Vignette Miners
$6.75
quality
1891 Charbonnage Colliery Stock Bond Certificate Mons
1891 Charbonnage Colliery Stock Bond Certificate Mons
$9.99
quality
VICTORIA MINING COMPANY STOCK TINTIC MORMON PROVO UTAH dh8
VICTORIA MINING COMPANY STOCK TINTIC MORMON PROVO UTAH dh8
$8.99
quality
OJIBWAY MINING COMPANY Stock Certificate 50 Share Michigan ABNC 1922
OJIBWAY MINING COMPANY Stock Certificate 50 Share Michigan ABNC 1922
$39.95
quality
OJIBWAY MINING COMPANY Stock Certificate 100 Shares Michigan ABNC Issued 1919
OJIBWAY MINING COMPANY Stock Certificate 100 Shares Michigan ABNC Issued 1919
$39.95
quality
Set of 4 COPPER RANGE COMPANY Stock Certificates
Set of 4 COPPER RANGE COMPANY Stock Certificates
$8.75
quality
1920 Stock Certificate Marine Lead Mining Co Montana MT
1920 Stock Certificate Marine Lead Mining Co Montana MT
$12.99
quality
1920 Ivory Coast Mining Stock Certificate Bandama
1920 Ivory Coast Mining Stock Certificate Bandama
$14.99
quality
1910 Lead Mining Stock Certificate DeBorgia Montana MT
1910 Lead Mining Stock Certificate DeBorgia Montana MT
$12.99
quality
1910 Stock Certificate Triangle Mining  Development Company Montana MT
1910 Stock Certificate Triangle Mining Development Company Montana MT
$9.99
quality
1890 Stock Certificate Vose Mining Co Townsend Montana MT
1890 Stock Certificate Vose Mining Co Townsend Montana MT
$14.99
quality
1917 Stock Certificate Rex Consolidated Mining Company Delaware DE
1917 Stock Certificate Rex Consolidated Mining Company Delaware DE
$14.99
quality
1923 Mining Stock Certificate Ray Hercules Mines Inc AUGUSTUS CANFIELD MACOMB
1923 Mining Stock Certificate Ray Hercules Mines Inc AUGUSTUS CANFIELD MACOMB
$24.99
quality
1911 Mining Stock Certificate Kimberly United Mines Co South Dakota SD
1911 Mining Stock Certificate Kimberly United Mines Co South Dakota SD
$19.99
quality
1928 Stock Certificate Clara Swansea Mining Company Nevada NV
1928 Stock Certificate Clara Swansea Mining Company Nevada NV
$24.99
quality
Guerneville Sonoma Porterville San Benito California Magnesia stock certificate
Guerneville Sonoma Porterville San Benito California Magnesia stock certificate
$89.99
quality
RARE 1887 HEMET LAND SAN JACINTO CALIFORNIA STOCK ISSD UNCANC WESTERN PRIZE
RARE 1887 HEMET LAND SAN JACINTO CALIFORNIA STOCK ISSD UNCANC WESTERN PRIZE
$199.96
quality
Utah Consolidated Mining Co 100 share stock certificate
Utah Consolidated Mining Co 100 share stock certificate
$35.00
quality
4sh 1959 OLD CANCELED STOCK CERTIFICATE PAN AMERICAN SULFUR CO
4sh 1959 OLD CANCELED STOCK CERTIFICATE PAN AMERICAN SULFUR CO
$8.99
quality
1927 New York Railways Corporation Stock Certificate
1927 New York Railways Corporation Stock Certificate
$23.99
quality
CRYSTAL LEAD MINES COMPANYWALLACEIDAHOUNISSUED STOCK CERTIFICATE
CRYSTAL LEAD MINES COMPANYWALLACEIDAHOUNISSUED STOCK CERTIFICATE
$4.30
quality
C1907 Wyoming Mining Stock Certificate The Utopia Mining  Milling Co
C1907 Wyoming Mining Stock Certificate The Utopia Mining Milling Co
$74.99
quality
C1926 Wyoming GOLD Stock Certificate Commercial Gold Mining Co
C1926 Wyoming GOLD Stock Certificate Commercial Gold Mining Co
$144.99
quality
1903 BOSTON  NEW MEXICO COPPER COMPANY 1000 SHARES STOCK CERTIFICATE MINING
1903 BOSTON NEW MEXICO COPPER COMPANY 1000 SHARES STOCK CERTIFICATE MINING
$75.00
quality
1892 FORTUNATUS MINING  MILLING COMPANY 25 SHARES STOCK CERTIFICATE COLORADO
1892 FORTUNATUS MINING MILLING COMPANY 25 SHARES STOCK CERTIFICATE COLORADO
$85.00
quality
Stray Dog Manhattan Mining Company 1907 Stock Certificate Goldfield Nevada
Stray Dog Manhattan Mining Company 1907 Stock Certificate Goldfield Nevada
$18.02
quality
The Ben Harrison Gold And Copper Mining Co1905 Stock Certificate Cheraw Wash
The Ben Harrison Gold And Copper Mining Co1905 Stock Certificate Cheraw Wash
$9.99
quality
The Goldfield Nighthawk Mining Company 1906 Stock Certificate Nevada
The Goldfield Nighthawk Mining Company 1906 Stock Certificate Nevada
$9.99
quality
Columbia Mountain Extension Mining Company 1906 Stock Cert Goldfield Nevada
Columbia Mountain Extension Mining Company 1906 Stock Cert Goldfield Nevada
$9.99
quality
The Gladstone Gold And Copper Mining Co 1905 Stock Certificate Chesaw Wash
The Gladstone Gold And Copper Mining Co 1905 Stock Certificate Chesaw Wash
$9.99
quality
Vintage Chicago and Denver Reduction Company Stock Certificate 1887
Vintage Chicago and Denver Reduction Company Stock Certificate 1887
$44.99
quality
Homestead Minerals Corporation Stock Certificate 18940
Homestead Minerals Corporation Stock Certificate 18940
$0.99
quality
1891 CARSON RIVER PLACER MINING  DREDGING COMPANY 50 SHARES STOCK CERTIFICATE
1891 CARSON RIVER PLACER MINING DREDGING COMPANY 50 SHARES STOCK CERTIFICATE
$75.00
quality
1908 THE GOLD DEVELOPMENT COMPANY OF UTAH 10 SHARES STOCK CERTIFICATE MINING
1908 THE GOLD DEVELOPMENT COMPANY OF UTAH 10 SHARES STOCK CERTIFICATE MINING
$75.00
quality
Lackawanna Coal and Lumber Company 1911 14 2 Different Stocks West Virginia
Lackawanna Coal and Lumber Company 1911 14 2 Different Stocks West Virginia
$9.75
quality
Maylac Gold Mines Limited 1959 Ontario Canada 125 Shares of Capital Stock
Maylac Gold Mines Limited 1959 Ontario Canada 125 Shares of Capital Stock
$6.75
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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