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So, you’re thinking about investing in your own commercial property. For business owners, purchasing a brick-and-mortar storefront is a step that can mean big success for your business locally. But there’s a lot to consider when buying commercial property. It’s similar to purchasing a home in that your decision can have a huge impact on your life. To help you choose a property that will bring you good fortune, here’s what to look for when buying a commercial property.
Location, location, location! The location can be the difference between your business being a hot spot or as empty as a graveyard. A good location is one that sees a lot of traffic, is easily accessible, has plenty of parking, and has few competitors nearby.
Of course, you want a convenient location for your customers and employees, but you should also consider your own convenience. The closer your business is to home, the easier it will be to manage it and maintain your work-life balance.
The condition of the property is another crucial thing to consider. How old is the building? Are there any obvious problems with it, like deteriorating paint, bad wiring, or old plumbing? Is the roof falling apart and in need of urgent repair? Buildings that are less-than-pristine will be cheaper upfront, but restoring them can be costly. Know how much renovation you’re willing to take on and have a professional perform an inspection on any property before you buy.
How much room do you need to run your business? Do you need something the size of a warehouse, or will a cozy one-floor office work fine? Consider your business’s current and future needs when choosing a property. That said, don’t get too hung up on size. Remember that you can always renovate and make additions to the building later or move and downsize.
It would be great if you could buy whatever you want without factoring in cost, but for most small business owners, cost is a crucial factor in choosing what commercial property to buy. Commercial properties can be expensive, but you don’t need to fund your purchase alone. There are many financing options available to business owners, including a conventional mortgage, hard money loans, bridge loans, and SBA 504 loans. Work with a professional accountant and lender to find financing options that work for you.
Now that you know what to look for when buying a commercial property, you can feel confident shopping for your new store. Keep these tips in mind and you’re sure to find a building that perfectly suits you and your business’s needs.
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