Being a business owner of a company that is steadily growing and expanding is a great thing. You may have started the business out of your home office, garage or a friend’s house. As your business has grown, you have hired employees and the demand for more space has gotten larger. Unless you are strongly considering going fully online, now is the time to consider looking into purchasing commercial property for your business. Before you do, here are some things you should consider before buying that will help you along the process.
Location Is Everything
It is important to consider where you would like your commercial property to be. It needs to be lucrative so you can receive a return on your investment. This location has to have a lot of foot traffic. Do some research on the past trends of business in the area you are considering purchasing. What kinds of goods and services did they offer or sell? Were they successful there or did they have to move elsewhere? These are all important factors when considering which location is best for your company. If you have suppliers, keep in mind how far or close you will be to them. All these factors are important to keep in mind.
Consider Your Budget
Knowing how much money budgeted for a commercial space will help you narrow down what is realistic. If you have an investor who will be helping with the cost of the commercial property, you will probably need a budget plan that lays out all the costs and what they are paying for. You may also be provided with a couple of options to pay like paying it all at once or making a small down payment and taking a mortgage for the remaining amount.
Factor In The Physical Condition
The physical condition of the property is very important. This may take some research and cost on your end. You need to know what purpose the property was used before you buy it. Do some meth testing or do a quick google search. Do whatever you need to do to find out the building’s past life. Knowing that will let you know the amount of damage that the building may have gone through as well as the kind of repairs that may be called for in the future.
Find Out If You Can Modify
There may be some restrictions on what you can and cannot modify as it regards to the outside of your commercial property. Make sure you know the laws your property may be under so that you can be clear about your requirements as a commercial property owner.
Is It Accessible To Everybody?
This is very important as your customer, clients and employees should be able to access your commercial property through a variety of things like parking, building security, and handicap lifts just to name a few. Implementing some of these things can increase the resale value of your commercial property if you decide to sell it later on.