4 Things to Think About When Buying Commercial Real Estate
4 Things to Think About When Buying Commercial Real Estate
When you’re diving into the world of commercial real estate, there’s a lot to consider. You’ll be exploring a market that’s completely unique and can be intimidating. However, with a little help, you’ll be on your way to a profitable and satisfying purchase. Here, we’ve covered four things to think about when purchasing commercial real estate.
Understand the Market
Think about the market as a whole. Consider the type of commercial real estate you’re looking into, then research competitors, nearby vacancies, and comparable rent figures. You’ll also want to think about the demographics and in the area to ensure you’re appealing to a wide audience. Think about trends as well to ensure you’ll be successful in the long term.
Secure Financing
Take the time to make sure you completely understand your financing options. You’ll want to know exactly how much you have to spend, and you’ll need complete confidence that you’re getting the best deal. Talk with multiple banks or investors and compare what’s available to you. This will also give you a head-start when negotiating your contract.
Negotiate
Read your potential contract carefully and know that you have room to negotiate. While compromises are expected, you shouldn’t have to settle, so be clear on what you want from the beginning. Bringing in a commercial real estate lawyer can really help with this part of the process, as someone with ample experience will be able to spot any loopholes and help you get exactly what you’re asking for.
Hire Professionals
You will want a team of professionals on your side as you enter the market. For instance, it’s a solid investment to hire a contractor to assess your potential property. They will be able to make sure the property is up to code and there’s no major damage, saving you a lot of future headaches.
You’ll also need an experienced commercial real estate lawyer to help you through the process.
They will be familiar with the area and can help you negotiate your contract, giving you the best chance of success. In South Florida, Leah Mayersohn has long been one of the most respected Florida commercial real estate lawyers. He has a long history of satisfied clients and is always looking to assist new buyers. Contact Mark today to learn more about how he can help you!
