There are many different types of properties to buy, and if you’re looking for a commercial property option you want to make sure you’re buying the right one for your investment goals and needs. There are many types of commercial buildings, from office buildings and factories to restaurants and multi-purpose highrises. No matter what kind of building you’re looking for, though, you can find something that fits your needs and your portfolio. Here’s what to think about.
What Kind of Commercial Property Do You Want?
The way the building is classified matters, and that may be different from how it’s actually being used or the way you’d like to use it. Every commercial building has zoning regulations and other classifications it has to follow, and you want to be sure you understand those.
If you want to change anything about the legal ways the building can be used, look into the process and the likelihood of success before considering your actual purchase. You don’t want to end up with a building you can’t use the way you planned, because that could definitely affect your bottom line.
How Will the Property Be Monitored and Managed?
Whether you’re going to be working in the building, living on the top floor, or residing hundreds or even thousands of miles away you want to make sure someone has eyes on the property and is handling things like tenant maintenance requests, rent collection, property tax and mortgage payments, and other details. Before you choose a commercial property make sure you’re ready and able to manage it, or you have a plan in place for who’s going to take on that duty.
How Much Experience Do You Have?
Investment and real estate professionals like Patrick Carroll know that finding the right commercial property isn’t always easy. Every property is different, and what seems like a great option for one person might not be a good one for someone else. That’s worth paying attention to.
While investing in commercial properties is mostly about how the numbers work and whether it’s a solid financial choice, it’s also important to listen to your gut when it’s trying to get your attention. If you don’t have a lot of experience this is even more important, and you can often benefit from talking with professionals in the space.
If you don’t have an agent and you aren’t working with a lender you can trust to understand your financing options, for example, it’s time to reach out and get those people in place. Then, you can find a property more easily, know what you can afford, and move through the process more smoothly.
What’s the Focus as You Move Forward?
As you move forward with your commercial property purchase the focus should be on making sure you stay up-to-date with the process. Make sure you ask questions, read any documents you’re signing, and stay in the loop with your real estate agent, lender, and others who are helping you complete your investment property purchase.
