Finding the right commercial property is key, whether you plan to start a business or expand your current one. Like shopping for a new home, you'll have to inspect the interior and consider the location closely. As you visit various properties, remember these five things to evaluate before buying a commercial building.
Budget and Financing
Before looking at properties, you need to decide how much you plan to spend. Establish how much you can afford to pay, then look into financing options. Some of the common types of real estate loans include:
SBA loans
Commercial loans
Hard money loans
Blanket loans
Improve your understanding of each loan type to ensure you make the best decision. Some loan types are better for small businesses, while others are best when buying multiple buildings. Keep in mind that both personal and business credit will impact these options; you'll get a better loan if you have good credit.
Pro Tip
You should get pre-approved for a loan before placing any offers. This way, you can take out the loan you'll need if the buyer agrees with your asking price.
Building Condition
What condition is the property in? Another thing to evaluate before buying a commercial building is whether you'll have to pay for various repairs and remodeling after purchasing. If you suspect you will have to cover these fees, the building may not be worth the purchase. After all, those prices add up. Various signs of repair may also mean hidden areas, like plumbing, need maintenance.
Hidden Costs and Additional Fees
While everything may look great on the outside, there could be hidden costs or issues that are hard to spot. Once you think you've found the perfect building, hire an inspector to evaluate it. You should also note the price of maintenance and utilities like water—the further you are from a source, the pricier it may become.
Property Purposes
Whether you plan to start a business or expand one, you should know what you plan to use the property for prior to searching out a commercial space. This could impact the location as well as the price. If you need to rent a building in a popular area, you may pay more than an industrial business surrounded by other factories.
Location
Among the many things you'll consider, location is among the most important. Ideally, you should be close to your target market and in an area where your business can thrive. However, you should also survey the site for a cellular signal—the further you are from a tower, the weaker it becomes. A weak cellular signal could mean slow data speeds or dropped calls that won't reflect your business positively.
Pro Tip
If you find the perfect property that checks off everything on your list, there's still hope for a great signal. Buy a cellular booster! SureCall Canada sells commercial cellphone boosters that'll boost your call quality. Purchase a signal booster for your property today to secure a great signal.