As a business owner, there may come a point when you realize that leasing office space is no longer the right decision. Instead, it may be time to purchase commercial real estate.
While this sounds like a great idea, you don’t want to push ahead until you first understand what you’re getting into. For example, review your business plan to ensure that it makes sense for the current state of your company.
If everything checks out, it’s time to address a few important questions:
- What type of commercial real estate are you most interested in?
- How much space do you need?
- How much money can you comfortably afford to spend on commercial real estate?
- Are you interested in a particular location?
- Are you willing to join forces with another company to make the purchase?
- Are you okay with the idea of putting money into the property to bring it up to par?
- What type of commercial real estate will work best for your team?
- Will you need to hire any help to maintain the property, such as a property manager?
As you can see, there is more to purchasing commercial real estate than meets the eye. While this sounds like a great idea, you won’t know if it is until you answer these questions and address any concerns.
If you’re ready to begin your search for commercial real estate, learn more about what’s available in your area and how you can negotiate the perfect deal. The knowledge you collect upfront will help you get exactly what you want in the future.
Source: 42 Floors, “7 Steps to Owning Your Own Commercial Real Estate,” accessed Nov. 29, 2017