Managing A New Property vs. An Existing One
harkins / February 6, 2020
If you are looking to buy commercial real estate, chances are that you have thought about buying a brand-new property to manage. While more expensive, a new property has fewer risks and liabilities when it comes to tenant management. Here are a few things to think about when deciding to look at commercial real estate for sale in Lake Mary.
Old Buildings Have Old Problems
From outdated electricity and plumbing systems to poor foundation, your historic building will likely have some issues that will need to be immediately addressed. To protect your tenants and your liability, have a licensed and trusted contractor look at your property to determine what needs work before you start advertising leasing space.
Marketing For Existing Properties
You can advertise your historic property in the most attractive ways just because of the era it is from. Instead of saying how it is not updated, you can say how much character it has. Plus, many of these historic buildings do have great bones and details that you will struggle to find in modern properties. Of course, there might be exterior upkeep, but some of this just adds to the authenticity of the property.
New Buildings Have Fewer Risks
Because of new technology, state-of-the-art systems, and new building codes, new properties are less likely to have outdated problems. Still, be sure to have inspections to ensure safety.
New Buildings Are More Expensive
Depending on your contract, you can charge more for modern amenities. You can also charge your tenants more for living based on the location and how close it is to popular attractions, shopping centers, restaurants, and highways. It is all about how you market your real estate.
Contact Harkins Commercial Real Estate today to learn more!
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