Are you ready to invest in commercial real estate? If you are, there are many aspects of the process to keep in mind. You need to be fully prepared when you begin your search to prevent any decisions that you may regret later. Take the following into account when searching for your investment property:
Always Be Prepared
The old adage rings true for a commercial real estate search. When you and your real estate agent begin the search, make sure you have all the tools you need to make an informed decision. You should have a tape measure to confirm the square footage as well as map out the space to ensure it will work for your plans. You should also have a camera to snap pictures. A sketch pad or notebook is also helpful to have on hand to take notes or to sketch a potential layout.
When you begin looking at property, make sure your agent knows what type of business you will be conducting on the property so that you only look at places that are zoned for your uses. Since some areas are not zoned for all businesses, there is no use in looking at property that will not benefit your needs. If you want to open a retail store, you will not need to look at spaces that are not zoned for that type of business. Letting your real estate agent know what your plans are upfront will save you hours of time during your property search.
Problems With The Property
When you go inside of the building, check for any problems that are visible. This can include broken flooring, missing or broken bathroom fixtures, or damages to the ceiling. You should also check out the HVAC unit if there is one. Keep in mind that if you are leasing the property, you will be responsible for that type of upkeep. Think about your maintenance budget and how much money you are willing to make any repairs now and in the future. If you notice any structural damage, however, that is something that the owner of the space will likely be responsible for. Keep that in mind if you decide to lease a property with damages.
Investing in commercial real estate is a major time and monetary commitment and it should not be taken without careful thought and consideration. You may want to consult different experts in areas in which you are not familiar to help you make a final decision. You may also wish to consult with a lawyer before you sign on the dotted line. Contact a business, such as Bradley Scott, Inc., for more information about commercial property investments.