When you take that leap into purchasing office space, rather than renting it, you face new challenges and rewards that you may not have expected. Property purchases for commercial reasons need to be approached with the same amount of caution -- if not more -- as residental purchases, particularly because office space may not sell as quickly as a home, even in a hot real estate market. You have to be sure that purchase will work for you long-term.
Do You Plan to Grow?
Whether you represent a factory buying an isolated piece of land, or you're buying a strip mall and want to attract tenants, think about how you plan to grow in the next several years. If you plan to expand your factory or hope to create a bustling strip mall with a few large anchor stores, you need to get property that's a little bigger than what you need right now if you plan to grow your business. You may want to buy something that's a little bigger than what you need now anyway just in case you decide to expand, even if you don't think you're going to for the time being. Having the extra room now means you won't have to worry about moving again should you decide to expand.
What's Next to the Property?
Open land can be developed; old structures can be torn down and replaced with sunlight-blocking skyscrapers; and empty lots can be magnets for litter. When you look at property you want to purchase, you have to take the surroundings into account -- as well as what could happen to those surroundings in the future. For example, open land, as mentioned, can be sold to a developer who might put such a large structure there that traffic at your property becomes stressful.
What Redevelopment Plans Are in the Works for the Area?
If you're looking in an area that is already built up, ask about potential redevelopment plans for the neighborhood. Those quaint older buildings that attracted you to the area might be torn down and replaced with newer structures that raise property taxes beyond your business' budget, for example. Or, maybe you're purposefully buying in a certain neighborhood, hoping for gentrification or new development; check to be sure that's really going to happen.
When you purchase commercial property, you want to hang onto it for years, if possible. That means checking out the office space for sale and the area around it thoroughly. A real estate agent who specializes in commercial and industrial sales can help you.Share