What are some tips for buying commercial real estate?


Quick Answer

When buying commercial real estate, consider the location, look closely at the condition of the commercial property, and pay close attention to the parking and access, advises Inc. It also helps to have a team of people to help with the purchase, including a Realtor and accountant.

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Full Answer

One of the most important things to consider when buying commercial real estate is location, according to Inc. It is a good idea to choose commercial property near your place of business or where you live. This allows you to be close to the property in case you need to meet with vendors or suppliers, or to be close to your customers. The type of business can also determine what other facilities need to be nearby.

Find out about zoning laws to figure out what type of business can exist on that commercial property, suggests Inc. For example, the business might need to have zoning laws for having industrial space. Also look into the physical condition of the property, and get inspections of the interior and exterior of the commercial space. Asbestos and lead on the property could become unhealthy for workers as well as lead to liability issues, so inspections are absolutely necessary.

There may be limitations on the interior and exterior, so find out about that information as well, recommends Inc. Get information about local building codes and covenants.

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