How to Purchase Commercial Real Estate
There is always a conflict between buying and leasing commercial real estate, and there are benefits and disadvantages to each option. If you have decided to purchase commercial real estate, you will want an experienced South Florida commercial real estate attorney to advise you on the deal, as well as several other experts. Buying commercial real estate is certainly a complex issue, and you need to be certain that it is right for your business. However, a wise commercial real estate investment offers great potential rewards.
Assemble the right team
You need to have an experienced broker, a knowledgeable attorney, and most likely a mortgage broker and accountant at minimum as you conduct your search for a property. Your accountant will help you figure out what you can afford as well as the tax implications of your purchase. Your mortgage broker will help you manage the financing side and look for the options with the lowest interest rate and long term cost to you. Your real estate attorney will negotiate the terms of the deal, catch any potential issues with the contract, and ensure that your interests are protected throughout the deal and at the closing.
Think about location
There are several thing to think about when deciding on a commercial property, but zoning and location are two of the most important. The location of your business is really the most important deciding factor because you want to be close to your customers while also being near to your suppliers. Each business has a different location requirement; some businesses want to be closer to residential areas while others benefit from being closer to industrial areas. Your team can help you decide on the best location based on your specific business.
Zoning needs to be considered
Florida’s zoning laws can be complicated, and that is an area where a South Florida commercial real estate attorney can help out. You never want to pick a location that has potential zoning problems, as these issues can affect your operation and lead to downtime or legal battles. Many businesses are required to have parking, so you may need to find a location with adequate parking spots. There may be requirements for handicapped access to your building, and you need to choose the appropriate area of the city that is zoned for your business. There are many other requirements to think about such as the condition of the property, leasing extra space and expanding and more.
If you are thinking about buying a commercial property, talk to Mark Schecter at Schecter Law today to get your questions answered or for a consultation.