Picking the right location for your business can be overwhelming. If you've looked at your options and you've decided you want to buy some commercial real estate rather than lease office or warehouse space, then you may want help from a commercial real estate broker to find your ideal location. Here are some tips for buying the ideal building for your business.
The Right Location Is Fundamental
No matter what type of real estate you buy, the location is one of the most important things to consider. When your livelihood and the success of your business depend on the building you choose, the right location is essential.
Consider things like the type of traffic around the building. It's good to buy in a commercial area where there is a lot of vehicle and foot traffic coming and going to other stores. Buying a building close to a competitor could be helpful since people looking for what you're offering will be likely to see your store when they visit your competitor.
The Condition Of The Building Is Important
Decide if you want a newer building in great shape or an older building you'll need to remodel. Both are good options, but it depends on if you have experience with remodeling buildings and commercial codes. You'll want to know before you buy a building what type of work needs to be done and how much it will cost so you make a wise financial decision.
Pre-Approved Financing Is A Good Idea
You want to know how large of a loan you'll qualify for before you even start looking at properties. Otherwise, you'll waste time looking at buildings you can't afford. You'll want to know if you can qualify for a mortgage and how much your loan will be so you can ask the real estate agent to only show you properties in your price range. Plus, if you know in advance you qualify for a certain amount of money, you can put a bid on a property and feel confident your loan will come through.
The Size Of Your Building Takes Careful Thought
The larger the building, the more expensive it will be. However, if your business is growing, you might outgrow a small building and need to move again in a few years. Be sure to factor in your future growth when you choose the size of the building. You want a building that's perfect for your needs now and that can grow with you in the near future so you don't have to go through the process of looking for commercial real estate again.
In addition to building size, you'll also want a parking lot that's large enough for all your employees and customers. You don't want a property where parking is a constant issue that causes you to lose business.