It can be difficult to find the real estate you need for beginning your business. Read this article to learn more about the basics of commercial real estate.
Commercial Property
The location of your commercial property is key to its value and its potential suitability for what you have in mind. Neighborhood is important, even when you are looking at commercial property. Look at the growth in similar areas. What you are seeing now in terms of commercial potential might be very different a few years from now.
Prior to investing massive sums of money in a property, take a hard look at community income averages, as well as employment rates, and how much hiring and firing nearby businesses are doing. If you’re looking at a property that’s close to things like a university, employment centers, or a hospital, they’re likely to sell fast, and at a high value.
When making decisions between one commercial property and another, think big. The difficulty in securing financing doesn’t increase linearly with the size of the building you are buying. This is generally like buying something in bulk, the more you buy, the less it is is per unit.
If you rent commercial property, do what you can to keep occupancy high. If you have any open spaces, then you are losing money. If you have several properties open, you should ask yourself why, and attempt to correct the issues that may be driving out your tenants.
Always make sure that utilities can be accessed from the commercial property you are looking into. You will need access to electricity, water, sewer and maybe gas in addition to any unique need that your business has.
Use your digital camera to take pictures of the property. Each photograph should clearly depict the point of contention, whether that happens to be a stain, hole or other problem.
Prior to listing your commercial property for sale, have it checked out by an inspector with at least five years of experience. If they flag issues that need to be fixed, repair them before you list the property for sale.
Before you begin searching the market for a new property, outline what you need. You should list the most important things that you are looking for, such as space, restrooms, conference rooms, etc.
Identify any necessary improvements before you sign on a new space. In some cases, all that is required are simple changes like moving the furniture around or giving the walls a new coat of paint. Normally, however, it may be something a little more involved like walls being moved. Plan on negotiations with the owner of the property to see if all, or part, of the costs can be covered by said owner.
When you lease a commercial site it is very important to that pest control is kept up-to-date. This is important in less desirable locations where rodents and/or bugs are an issue. Have your rental agent inform you of any associated policies for pest control.
The article you have read has great advice and tips that you can use as you are purchasing or selling commercial real estate. Implement the advice you have learned from this article to stay up to par.
Sorry, the comment form is closed at this time.