There are plenty of properties zoned for commercial or industrial use on the market at any given time, but due to the way real estate listings work, they don’t get noticed as much. You have to know where to find these properties, and this article will give you the tools you need to do just that.
Whether you are buying or selling, don’t shy away from negotiation. Make it clear that you wish to be heard and refuse to accept an unfair price.
Prior to making a large investment on a property, look at the local income, unemployment rates, and contraction of the local employers. Your house will sell more quickly and at a higher value if it is near a university, hospital or any large employment center.
Websites with abundant real estate investment information are worthwhile references for novices and experienced investors. You can never learn too much about commercial real estate, so make it your aim to always keep adding to your store of knowledge about the subject.
Use a digital camera to take pictures. Be especially diligent in photographing any flaws that exist when you move in, like cracks in the wall or stains on the carpet.
Try practicing patience and remain calm, if you are considering purchasing any commercial real estate. Do not go into an investment out of haste. You might find out that the property is not what you needed after all. You should be prepared to wait an entire year before a worthy investment becomes available to you.
Think larger when you’re thinking about two commercial properties that are viable. Financing may be no more difficult for the large apartment building than the small one. Think of it like purchasing in bulk; as you buy more, each individual unit costs less.
Location, location, location is important to consider. Find out more about the neighborhood. Don’t forget to check out similar areas as well, in order to see how other neighborhoods are growing economically. By calculating growth in similar areas, you will be able to ascertain whether the piece of property you are looking at is going to continue growing.
One major part of commercial real estate deals is inspections. When property you are involved in is being inspected, take steps to verify the legitimacy of every inspector. This is true when working with pest or insect removal, since many people who are non-accredited work in these fields. This can prevent larger problems from occurring after the sale.
When you are composing a letter of intent, you should emphasize simplicity by negotiating on the bigger issues first, then addressing the minor issues later in the negotiations. This lets you get the bigger issues out of the way first and makes small issues simpler to complete.
If your real estate deal includes inspections (and it always should), make sure to ask to see the credentials of all of the inspectors. There are many non-accredited people who work in such fields as insect removal. You want to avoid a future liability that can come after the sale, if the inspection was not correct.
You might have to make improvements to your space before you can use it. The changes don’t have to be extensive. You may just want to repaint or rearrange furniture. However, in other cases, reconfiguration of the walls will be required. Before buying the property, see if you can get the former owner to pay for some of these costs. If you’re renting, the landlord might chip in.
Check any disclosures a potential real estate agent gives you carefully. One thing you should specifically watch out for is dual agency. With a dual agency, you have the real estate broker working on each side of the transaction. Dual agency occurs when the landlord and the tenant hire the same agent. You and the other party should both agree if dual agency is to be okay.
Make sure you have sufficient utility to access on any commercial piece of real estate. The property must have access to electric, water, sewer and maybe gas for it to be a viable commercial real estate purchase.
If you think finding the perfect property is the main hurdle to surmount, you’re wrong. When you have the information you need, decisions are much easier to make.