When it comes to purchasing a commercial property, it is crucial to consider the decision you are making carefully. Investing in commercial property is a big step, and it is one that requires balancing multiple factors.
Consideration #1: Location
First, you need to consider the location. They say location is the key to real estate, which is even more relevant to commercial real estate. With commercial real estate, you need to make sure the building you choose is close to the type of customers you want to connect with. If you are buying commercial real estate that requires access to transportation routes, you will want to make sure the building is located near the highway, shipping lanes, or rail lines depending on what you need.
Always go for a location that will allow you to be near the customers and resources needed for that commercial business.
Consideration #2: Legal
With a commercial property, you have to check zoning laws. You need to ensure that the local zoning fits the purpose you want to use the building for. If the zoning doesn't fit, keep looking for a building that does. Remember, zoning laws are not easily changed.
Also, keep in mind that building and zone codes may limit how you can modify the inside and outside of the building. That is why it is essential to know what you want to do with the building, so you can verify the feasibility before making a purchase.
Consideration #3: Physical
Third, you are going to want to check the physical condition of the building. You are going to want to have the property thoroughly inspected inside and out. You will want to watch out for any potential liability or environmental issues, such as lead paint. You will want to assess the property's condition to ensure that you can afford to make the modifications you need to the property.
Consideration #4: Parking
Finally, be sure to consider how much parking access comes with the building and how much parking you will need. Adding more parking can be costly and, oftentimes, not possible, so you want to ensure the parking that comes with the building will fit what you need to use the building for.
To learn more about the buying process, contact a commercial real estate agent in your area. They can help you make a smart decision when it comes to purchasing commercial property.Share