No matter what your business or profession is, commercial real estate can be one of the best investments you have ever made. The thing is, investing on one can be complex and challenging, most especially of inexperienced investors. It’s not really like buying a new home. Buying a new business site requires planning and a lot of time and research.
Before making a big decision, you must evaluate the facts carefully. Keeping in mind that every scenario is different for each business. The following are some helpful tips you should consider, as a first-time buyer, before delving into the commercial real estate industry.
1. Research the local commercial real estate industry.
The very first step in putting together a good commercial real estate investment strategy is understanding the ins and outs of the industry. Learn about the general key processes and terms related to the market. A reliable commercial realtor can help you understand everything you’ll come across when buying commercial real estate. By doing so, you can narrow down your search as well as the kind of property that is perfect for you.
2. Have a strong, guiding principle.
Having a guiding principle is essential when it comes to buying commercial real estate properties. For instance, when you buy a house, you had a guiding principle that helped you find what exactly you are looking for. This means you knew exactly how many rooms you want, the type of neighborhood you wanted and other requirements. Don’t hesitate to apply this technique when looking for a good commercial space.
3. Remember that the business space must accommodate all your business needs.
If you want to invest in a real estate property for your business, make sure that it is big enough to accommodate all your venture’s needs. This includes future expansion and growth. Having an office that is too large may strain your maintenance budget.
4. Consider and visit many different properties.
Tour several different properties. Check what works and what doesn’t about every business space. Consider the most crucial aspects, including location and price. The significance of location can never be overemphasized. In general, commercial properties near hospitals, universities and downtown locations have a higher value and sell more quickly. Your business and situation are unique. Thus, your office space must be a good fit.
5. Figure out your financing method.
Like many individuals, you may need to get some help to be able to buy the property. What kind of credit unions, banks, credit unions, and other mortgage companies can you use? What kind of credit do you have and the interest rates they can give you? Would the seller or owner of the property be willing to help with financing? Knowing the answers to these questions is part of the financing process. Just in case traditional financing setups don’t serve you well, be a bit more creative. Research on matters like second mortgages and lease options. Don’t worry, there’s more than one way to finance a commercial real estate purchase.
6. Consult real estate experts.
Since you’ll undergo a thorough, complex process, it’s best to consult an expert who can help you. At some point, you’ll need to work with a commercial realtor. While there are some things you can do on your own, there are also tons of reasons to hire an expert.
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This beautiful 1 story industrial/office condo at Venture Commerce Center Business Park has a large open bullpen area, 1 ADA bathroom, and a modern break room. There are also windows that let in natural light. It was beautifully renovated with a modern flair.
This amazing property is just south of Sunset on Eastern Ave., less than a mile from McCarran International Airport. Stop renting and purchase your next beautiful office. You’ll have easy access to the I-15 and I-215 freeways and the Las Vegas Strip.
This a Keller Williams Las Vegas Commercial listing courtesy of Martin Toumaian. If you are interested in leasing this property, you can reach out to me at 702-340-7384 or email Lovely@Lovelysellsvegas.com to make an appointment.