Buying commercial real estate is the first step in having and running the business of your dreams. But it’s also a very big step and could determine whether your business flourishes or dies. Before making calls to commercial brokers, here are some points to consider and research when buying commercial real estate.
Like the old saying goes, you have to have a close eye when it comes to the location of your property. Is it accessible to the public? Is there a busy traffic flow that would cause potential customers to discover and visit your business? Or is it in a secluded area? Be careful of popular areas as well, as the trend can go away at any time and your business may suffer from it. And just because you like the first property you’ve looked at doesn’t mean there aren’t better options out there. Take your time and shop around.
Of course, money is a vital element to buying. Be sure that you’re financially able to buy the property of your choosing. Could your credit deter you from buying? Are you eligible to get a loan from your bank and be able to pay it back? Would the owner of the property be willing to help with your financing by giving you options such as seller carry back or a second mortgage? You can never be too thorough when it comes to having a plan with your money.
Hire a Team
With things like contracts, transactions, and property laws, there’s only so much you can handle. You can’t do all this heavy lifting on your own. There are plenty of commercial accountants, commercial lawyers, and commercial brokers to help you as described on these blogs. Having experts along with you will make the long process of buying less stressful and easier on you.