Comparing Commercial Property: Things to Think About
harkins / January 22, 2018
Buying or even leasing commercial property is a huge decision. You’re investing lots of money expecting a return from tenants or customers. That’s exactly why you should plan carefully and know what you’re looking for. Don’t just settle for the first property you fall in love with. Keep a few things in mind and have a list of questions. Those steps will help you when comparing commercial property.
When thinking about what side of town your commercial property is on, think long term. What looks like a hot area right now could change with time or economic fluctuations. Look at what places are nearby. Are they complementary businesses you can draw traffic from? Also, consider if parking and access to the property would be convenient for your clients.
Which Commercial Property is Best for Business
You know the type of setup your business needs. The type of tenants or customers you’re serving makes a difference in your commercial property needs. If it’s a retail property, you’ll need enough footage for counters, racks, and fixtures. Restaurants will need a kitchen or the right wiring and electrical to create it. Sufficient internet service, power, and water setup are also things to look at for the area.
One of the most important things to think about is what the commercial property will cost you. Are you getting everything you should for the price? If it seems like a bargain, make sure it’s not too good to be true. If the price makes you feel uncomfortable, reevaluate the big picture. You shouldn’t be paying brand new prices for a used building that needs work.
At the end of the day, you’re in the commercial property business to make money. A good looking property will do you no good if it’s vacant. You have to think about what’s best for servicing your clients.
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