The best reason to purchase a commercial property is the fact that the purpose of doing so is to grow your business in any way that may manifest itself. Whether it be for manufacturing facilities, general-purpose offices or buildings, or even medical offices, it’s a chance to build equity, make your expenses more predictable and possibly gain tax advantages.
However, how does one go about choosing a commercial property to purchase? Here are three tips to get you started on your journey to building your dream office.
Establish What You Need
There are many factors involved in deciding upon a piece of property for your business, and figuring out exactly what your needs are, is the first step. As in any real estate purchase, begin by thinking about the top three considerations: location, location, location, and then ask yourself:
Do you need to be close to your customers?
Do you need to be close to your own home to reduce your commute?
Do you need to be close to railways or freeways, to aid in the shipping or receiving process?
Finally, always be familiar with the zoning laws or building codes for the area, because there may be conditions in place that could hurt the way you can achieve your vision.
Find People Who Know
Assembling a team of experts is a great idea when embarking upon any real estate venture. Surround yourself with professionals who know the ins and outs of the areas you may be less familiar with. Here is a great list of people you should have in your circle:
Real estate brokers help you locate potential properties in your price range while a mortgage broker can help you with any of your financing needs, including commercial real estate loans. An accountant will advise you on what your business can afford, navigate you through tax benefits and forecast your operating budget while your lawyer can make the process easier on you with legal representation to negotiate and complete the entire transaction.
How can your property work for you?
A final consideration is not what you can do with a property, but what a property can do for you. Consider these possible benefits when choosing where, and how, to build your own offices, and make sure you are choosing a location that WORKS for you:
Commercial properties have great investment potential. Typically, and depending on the location, commercial properties will return between 6% and 12% each year.
A good commercial property has huge advertising benefits, such as billboards or selling signage space on the property.
If you plan to build offices with rental possibilities, you can also benefit from cross-advertising where it makes sense. Offering other services to tenants, such as premium parking spaces, trash removal, and maintenance services, are other streams of revenue you can tap.
There are so many great reasons to become your own landlord, and with the right amount of research and due diligence, you can rest assured that you are building a foundation for future growth and success. When you are ready to start construction, don’t forget to contact the best by calling us or visiting our website at https://www.paulculverconstruction.com/