When investing in anything for your business, it’s important to put careful consideration into whatever your purchase might be. For real estate, this is especially true. To an extent, your office building is going to dictate a lot about how your business functions. Here are some tips for ensuring your next commerce building works well for your business.
1. Building Condition
You may have found a building in the perfect place with ample parking space and great light, but if the building isn’t in good condition, it can easily become a money pit. One important thing to ask is what the building was used for before your business moved in. If it was used for low-impact activities, you’ll probably be in the clear. But older buildings used for industrial purposes go through a lot of wear and tear. A good building health monitoring system can help you make sure your building is in good shape once the lease has been signed.
2. Ideal Location
Where your office building is can be as significant as how big it is or what features it includes. The ideal office building won’t be too close to other competitors. It’ll have plenty of space for parking, have zoning laws that work for your business, and will be in an area that supports market trends in your industry. A good location can do a lot to ensure your business can stay put for some time. And you’ll be able to sell it for a profit if the location is a coveted one years down the line.
Buying office properties is almost always going to require some type of financing plan. It’s important to know your options and choose the one that works best for your business. A commercial real estate loan comes in a few different formats, such as a conventional mortgage or SBA 504 loan. Doing your research to make sure your loan is going to be easy for your business to pay off is going to keep this new piece of property from becoming a pocket drain.
4. Hiring Experts
Lastly, the biggest mistake you can do when buying something as expensive as real estate is to try and do everything on your own. Hiring professionals, from contractors to mortgage brokers, will ensure that everything is going smoothly and there are no hidden potholes along the way. It can be expensive and frustrating, but making sure you get the details right is going to ensure your new building is the right choice for your business.