If you are planning to build new real estate, it is important that you obtain all the correct permits for your project and meet other requirements set by the state and local governments. It is essential that you know which laws apply to you federally as well as meeting the requirements set by local or state governments.
It’s important to apply for building permits, because failing to do so could put your entire project on hold. Here are a few reasons why you should obtain permits early on in the project and why they’re so vital.
- If an accident happens, you want your insurance to pay the claim
One thing that a permit will do for you is to show that you understand the risks involved with the project. A permit indicates that you were thorough in your application and that the local and state government approved your work. Without a permit, there is a risk that the insurance company might not cover any injuries or damage that happen.
- Permits encourage honesty
If you will be hiring third-party vendors to help with construction or other aspects of the build, it’s a good idea to have a permit. This helps guide your project and will also keep your team honest, since there are standards established by the permit and steps to take during each phase of the process.
- Failing to have a permit could impact sales
Finally, if you fail to get a permit, you could find it difficult to sell your commercial project. Building permits show that you took the initiative to do the work right, which is something buyers want to see.
These are three reasons to obtain permits. Getting them early before you begin is the best option for any project.