Factors to consider when purchasing a commercial property
Florida business owners may wonder about the decision whether to rent or purchase commercial property. Benefits may be obtained through the purchase of commercial property but require complex consideration. Information on some things a potential purchaser of commercial property needs to know may be helpful in making that decision.
Hiring professionals might be a good investment when considering when and where to purchase commercial property. In addition, access to individuals who knows the ins and outs of the purchase process may make that purchase go more smoothly. Some of the professionals to consider include a mortgage broker, a commercial realtor, a lawyer experienced in real estate and an accountant. In addition, tax experts, engineers or surveyors who work specifically in that industry and environmental experts may be helpful additions.
Many factors go into selecting a commercial property, with location the often most important. Consideration should be given to the distance from suppliers and shippers and to access for customers and employees. Owners should check whether there are limitations on what the chosen commercial property may be used for. Obviously, if opening a retail business, locating in a building zoned for industrial use may not serve the purpose. It is a good idea to keep in mind necessary parking space and expansion room for the future.
Another suggestion is to find out as much about a property as possible before purchasing it. In addition to seeing the site in person several times, survey lines, information on boundaries, contracts for utility services, restrictions and covenants should all be checked.
The purchase of commercial real estate can also offer tax benefits as well as the possibility of appreciation that can be cashed out when the property is sold. An attorney can often be helpful in reviewing the documents that are required to close these types of transactions.