Choosing a location for your upcoming commercial property purchase can be tricky. The location is one of the single most important factors when looking at the market and there are a lot of factors to consider. . Choosing a poor location can have devastating consequences on your purchase.
Here are the top ten questions to ask yourself when looking for commercial property.
1) Does the location reflect your company’s values and culture? Is this an important factor for you?
2) Are there any legal restrictions or zoning problems with the location?
3) Check out the demographics. Are there enough people who live nearby that would need and want your services?
4) Does the location have the access that you need? Is it close to major highways, neighborhoods or main roads?
5) What is the traffic like in the area? Are there a high volume of cars traveling around the location?
6) Does the location provide the right type of parking needed?
7) If you plan on having renters, what type of renters and stores will this location attract? Are these the types of companies you want to work with?
8) Does this location offer any opportunities to expand? You may want to grow your company or buy additional property nearby, in the future.
9) Check the pricing comparable buildings in the area, is the pricing right with the market? How soon will you turn a profit?
10) And lastly, are there similar properties in the area? Will this help or hurt how successful your investment is?