Tips for Buying Commercial Property

buying commercial property

Everyone has heard the saying, “Location, location, location,” in terms of running a successful business. Having the right property is more than just a building in the right place. It is also about having the right building. There are so many things that go into a proper commercial real estate investment that a lot of people become completely lost or easily fall into the trap of a very bad decision. It is important to have a background in what you are doing and keep a clear head. Learn these tips, tricks and advice for how to buy commercial property that will best serve the unique needs of your business and its future.

How to Buy Commercial Property

A detailed discourse on how to buy commercial property can take volumes and years of work and study to understand. It is possible, however, to keep a few basic tips in mind that will help you get the right structure and locale for your business to keep things running very strong.

Finding the Experts

The first thing you want to do when purchasing commercial real estate is have a team of experts in your corner. This means the best accountant, lawyer, commercial business broker and mortgage broker you can find. This team will be your best weapon against making critical errors in decisions.

Finding the Property

The next step is to find the right property. You will want to do serious market research to find the right location. You need to evaluate the wear and tear that the property has suffered, its current condition, zoning issues that limit the property’s uses and any alterations you can make, parking and ADA access, and any opportunity for future expansion.

Take Your Time

Do not be in a rush. Take at least a month or two to do all the research and homework you need to conduct in order to be sure you are getting the right place. Think about your business objectives and how the property fits them. Have a list of the most vital features it needs, and those that are luxuries and revisit that list continually.

Use Your Advisors

Bring in your advisors and any other professionals they recommend, from appraisers to engineers, and ensure that the property meets your needs. Any issues that arise could affect your negotiation on the price.

The Title Check

Always have a title check done and be sure you have got title insurance. This will make sure that you do not encounter unpleasant surprises with liens or issues left over from prior owners. Any issues that you encounter in the title check will need to be resolved before you close.

If you are looking for the right commercial property for your business, a professional commercial real estate broker and strategic marketing firm can be of great help in navigating the process. Take some time to browse our website and learn about the services we offer, and then call us for more information and answers to all of your questions today.

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