Whether expanding your business or starting a new one, buying commercial real estate can be overwhelming. There are many factors to consider, and you want to ensure you get the best property for your company. While you can hire a good real estate agent to help you with the process, there are some things you should keep in mind while looking at locations. Here are three things to consider when purchasing real estate for your business.
1. Don’t Forget to Include Renovation Costs
While it would be a dream come true to find a commercial property that is perfectly tailored to your needs, it likely won’t happen. Because of that, you need to ensure you factor renovation costs into your overall budget. Those costs could include an architect to draw up plans, a contractor, and the cost of materials. You also need to consider how long the work will take to finish because every day your business isn’t open is a day you aren’t making any money.
2. Look at the Location
Location can make or break some businesses. If you rely on foot traffic for your sales, you want to ensure you pick a visible location with easy access to plenty of parking. When you find a property you like, go there a few times at different hours of the day. Get a feel for the surrounding area, traffic patterns, and how many people are typically shopping at any given time. You want commercial real estate surrounded by other companies that can help funnel business your way. However, you don’t necessarily want somewhere that is so busy, or has such terrible traffic, that customers would rather stay away.
3. Verify the Zoning and Land Use Laws
Zoning laws are a necessary evil for all business owners. They are the patchwork of regulations that bring structure to cities and help them run as efficiently as possible. However, they can be confusing and can change often. The zoning and land use laws of the property you want to buy could determine what you can do with that space, so it’s essential to know what they are. For example, if you are interested in a building with outdated zoning laws, you could find that you can’t put up a new sign or change the front of the building. Instead of taking your chance and assuming everything will be okay, always do your due diligence before buying a space.
Purchasing the ideal commercial real estate property can take some time and effort. However, when you know what to look for, you’ll see that finding the perfect location is easier than you thought.