Thinking of Buying Commercial Property? 3 Things to Know
While many businesses today have to utilize the online world in order to succeed, there is still nothing that can replace a physical space. Whether you are opening a restaurant or looking for a warehouse for your retail goods, commercial real estate may be an important part of your company’s development. However, buying or leasing property for your business can be a risky process, especially for those brand-new to the marketplace. With large sums of money on the line, and lots of fine print in the contracts, it’s all too easy to take a gamble with commercial real estate and lose.
If you are hoping to start a new business, or expand your current one, the right facilities are essential. Here are a few things that you should keep in mind, when searching for your ideal piece of real estate.
- Make sure it suits your needs
Before you ever start looking at properties, sit down and spend some time clarifying what it is that you truly need in a property. Ask yourself lots of questions about how you will use these facilities, and what features are non-negotiable. Identify areas of town that appeal to your clientele, and/or are logistically easy for your vendors or crew. Beyond the particulars of the facility itself, identify your own business risk tolerance and financial investment parameters.
- Do your due diligence
Too many business owners rush into real estate transactions, only to find themselves holding the bag when it comes to repair liabilities, easement issues, environmental health problems, and more. Even if you love the appearance and location of a property, make sure you do your due diligence before signing on the dotted line. Have it thoroughly inspected. Look up governmental records on the property. Have independent testing of the soil, air, and water quality. Know the zoning, building codes, and easement of the property. Gather all the data that you can, so you know exactly what you’re getting into.
- Utilize the right resources
Buying a commercial property is not like buying a residential home- it requires even more thought, more planning, and more organization to do right. Thankfully, there are many wonderful resources out there these days to help you, including experienced commercial real estate attorneys in Texas. Look to industry experts, and consult with a qualified attorney and broker before starting your property search. Read as much as you can on financing options, as well as how to minimize risk to your business.
Want to learn more about buying commercial property in Texas? Reach out to us at Sutherland Law today and request your free consultation.