Finding the right type of commercial property to start your business can be difficult unless you know where to look. Read on for ideas and suggestions that will help you.
Location, location, location is important to consider. Consider the neighborhood of the property. Compare its growth to similar areas. Since you will likely still own the property in ten years, you want it to be located in an area that is likewise still desirable in ten years.
Your investment might be very time consuming at first. Not only will you have to search out the right property, you’ll likely have to make repairs or renovations to it after the purchase. However, don’t give up just because this will take time. Stick with it and you’ll be rewarded.
When you are shopping for a commercial property, be sure to confirm that you will have access to utilities. Water and sewer access will be needed in addition to electricity. You may want the option to use natural gas, as well.
The neighborhood where the property is located is very important. Expensive, luxury-oriented businesses will thrive in more affluent neighborhoods. However, if your products or services cater more to those with less funding, consider a location in a neighborhood that fits your potential clientele.
Take a tour of a property you might purchase. Look into having a professional contractor accompany you as you take a look at the properties you’ve been thinking about purchasing. Once that is done, you can submit your proposal and begin negotiations. Don’t decide on anything without careful consideration.
Your new space may need improvements before you can occupy it. For example, you might neat to repaint or purchase new furniture. Oftentimes, moving walls and other fixtures is required to redistribute the floorplan. Talk to your landlord about these improvements. Try to negotiate a deal where the landlord pays for some, if not all, of the cost of improving your space prior to moving in.
Make sure you know who does emergency maintenance work if you rent commercial property for your business. Ask your landlord who is in charge emergency maintenance requests for the building. Know what the phone numbers are, and know what the response time is for them. Use the information provided by your landlord to help you prepare a plan for when normal business is disrupted by certain events.
Borrowers have to order appraisals with commercial loans. There is a good chance that the bank may not validate it otherwise. Protect yourself from this problem and get the appraisal done on your own dime.
Consult your tax adviser before buying your first commercial property. A tax adviser can let you know how much money the buildings will cost you, and the amount of your income that will be taxable. Work closely with your lawyer to find a place where you can buy property and your taxes will cost less.
Buying and selling commercial real estate requires the help of an experienced agent. Use the advice you learned here to stay as informed as possible.