Six Tips for Buying a Commercial Property

Posted on 6 August, 2012 by Jodee Redmond

Are you considering entering the commercial property market? Before you sign the papers for your new property, keep these tips in mind:

1. Learn as much as you can about the local economy of the areas you are interested in before you narrow your search to specific neighbourhoods and properties. You will need to know details, such as residents’ average income and average employment rate for the region. (If you are interested in a property located close to a hospital or university, you will pay a higher rate, but it will be easier to find a buyer if you decide to sell later on).

2. Consider your present business needs, as well as how you foresee your business expanding over the next several years. Make sure the building has a capacity for expansion, if necessary. You may want to consider leasing some space in the building to a tenant to generate some cash flow until your business is ready to expand into a larger space.

3. If you are looking at an older building, you will need to consider the cost of repairing and/or upgrading the electrical system or the roof. Add this expense to your property acquisition budget.

4. Take pictures of the properties you are shown. It can be difficult to remember the features of each property if you have seen several options, and you will want to have a visual record of any defects which you can bring to the seller’s attention to negotiate a better price

5. Find a lender in advance. That way you won’t lose out on a property you really want to another buyer who has arrangements in place.

6. Work with an experienced commercial property agent. Your estate agent should be able to recommend an experienced lawyer if you don’t have someone in mind. You will want your closing to proceed smoothly and without any undue delays.




Leave a Reply


Recent Posts

Whitbread-sets-sights-on-expansion-following-stromg-First-Half-Sales

Whitbread sets sights on expansion following strong First Half Sales

Trinity-Kitchen-celebrates-First-Anniversary-with-New-Restaurant-opening

Leeds Trinity Kitchen celebrates First Anniversary with New Restaurant opening

Photo of the Shoppers at shopping center motion blur

Wolverhampton Mander Centre Sale close to being Finalised

Airport direction road sign

Airport Eco-Office Park gets Euro Cash Backing

Ghost going downstairs. Fear cocnept, Horror at home!

Petrifying Public Houses

Two-Way Deal Gives Land Securities Control Of Buchanan Galleries

Two-Way Deal Gives Land Securities Control Of Buchanan Galleries

demand-for-coworking-space-will-transform-uk-office-market-over-next-decade

Demand for Coworking Space will Transform UK Office Market Over Next Decade

5m-local-economy-boost-from-kirkstall-forge-development

£5m Local Economy Boost from Kirkstall Forge Development

stamp duty reform will make scotland less competitive

Stamp Duty Reform Will Make Scotland “Less Competitive”

most haunteds favourite haunts

Most Haunted’s Favourite Haunts

barwood unveils second joint venture logistics scheme

Barwood Unveils Second Joint Venture Logistics Scheme

kingsway shopping centre bought by queensberry real estate

Kingsway Shopping Centre bought by Queensberry Real Estate

new headquarters will double linkedins irish workforce

New Headquarters Will Double LinkedIn’s Irish Workforce

tata steel to sell long products division

Tata Steel to sell Long Products Division

latest markham vale development ready by spring

Latest Markham Vale Development Ready by Spring

wh smith attributes profit rise to transportation hub expansion

WH Smith attributes Profit Rise to Transportation Hub Expansion