by Tara Kennedy
on Friday, June 26th, 2020 at 12:19pm.
Buying Commercial Property
There are many things that need to be considered when purchasing a commercial property. Check out the tips below to make sure all your bases have been covered.
Get a feel for the real estate market in the area that you are searching in. Can you get a sense of what it would be like in a few years? Will the area be booming or will things fizzle out?
Determine your financial situation. What type of money is needed to complete the deal? What do you financially need to be able to maintain the payments and the property?
Determine if the space will work for you and your plan. Have an idea ahead of time of the space you will require and what you need the space to include.
If you need to do upgrades, renovations, or any type of work, you will need to hire builders and contractors. What needs to be done? What can you afford? What is your timeline and can they work with it? Are you able to stick to a budget?
Parking and ease of access. How easily can clients get to the building and are they able to park nearby?
Is the property accessible for those who are wheelchair bound or those who have restricted mobility?
Will you be renting out the property? And, if so, what type of business would you like to rent to? The business that is renting the space has to be a match for the area so it will do well and be able to pay the rent.