Industrial property and other commercial properties are going up on the market all the time, but this type of property does not get preferential listings like regular homes. You have to know where to find these properties, and this article will give you the tools you need to do just that.
Examine socioeconomic conditions in the neighborhood you’re thinking of purchasing commercial real estate in. Pay special attention to the unemployment rate, and the average income level in your property’s neighborhood. If the building is near certain specific buildings, including hospitals, universities, or large companies, you might be able to sell it faster and for more money.
Let people know the exact amount of square footage available. There are two different ways to measure square footage for commercial properties. The first is usable square feet, while the second measurement is total square feet, which often includes unusable areas and walls. Get a number for both kinds of square footage, so you can gauge if the property really suits your needs.
You should know what kind of pest control services are available to you when renting or leasing. This is especially important if the region is known for certain types of pest infestations. If this is the case, ask specifically what the landlord will do with regard to pest control.
Add a blog to your website to help you create an image as an expert in the field. You will be able to find a buyer for your property or someone who will lease spaces.
You should examine the surrounding neighborhood of any commercial real estate you may be interested in. If you purchase it in a more affluent neighborhood chances are your business will be more successful, because the pockets of your potential clientele are a bit deeper. If your business is a bit more shady, like a rent-to-own store, payday loan outlet, or pawn shop, it’s better to locate in a poor neighborhood.
If you are looking into a commercial property, always consider any investments where you can purchase a larger piece of property rather than a smaller one. The thinking behind this is that if you have been able to get the financing and deal done on a property with five units you rent out, then you can handle a property with ten or even twenty units and get a lower average unit price.
Focus on a single investment each time. Regardless of whether your real estate investment is a office, apartment complex, or undeveloped commercial land, it is important to concentrate your efforts on only one investment. Each type deserves and requires undivided attention. You’ll make more money if you know everything about one type of property as opposed to a little about many different types.
Understand that properties won’t just sustain themselves. You will have to pay for repairs and maintenance for your property; make sure you have a good idea of how much you will have to spend. It may need something like a brand new roof, or an updated electrical system. All buildings periodically need maintenance and remodeling. Plan for these repairs as they will happen in the future.
Finding the appropriate kind of commercial property is only the first half of your work here. Arming yourself with some good information makes the whole real estate process so much easier.