It Is Important To Make Sure That The Commercial Property You Are Buying Is In Good Condition Organization is key to a successful commercial real estate transaction. Even if you know a lot already, you might miss something important if you don't keep learning about commercial real estate. The following tips and techniques will help you understand all of the aspects of commercial properties. uk directory Read the disclosures of the real estate agent you are planning to hire. Make sure you understand the potential for the existence of dual agency. In this type of transaction, a real estate agency acts on behalf of both parties involved in the deal. This means that the agent is representing the interests of the lessor and lessee simultaneously. The fact that the agent is representing both parties must be disclosed to everyone involved and those parties must sign off on it. It is important to have a good understanding of your business' requirements prior to searching for a commercial property. Have an exact idea on what type of office space is required for your company. If you're growing a company, buy more space than you currently need to save money before the market prices rise again. Once you have narrowed your choices down to two major contenders, you should expand your decision to include the big picture. Getting enough financing is a huge undertaking, no matter if you get a ten-unit complex or a larger twenty-unit one. By choosing a larger piece of commercial property, you will be getting a better rate per unit, giving you the best potential for success. Make sure you are completely aware of the available square footage. Two different measurements are commonly used in commercial real estate. One is a measurement of the usable square footage based on the available square feet based upon space that can be used by the business. The other measurement is total square feet, which will include walls and spaces that cannot be inhabited. The best strategy is to ask for both figures, to ask for the square footage and the usable square footage. Investigate the land conditions and environment that the property is located in. You may be liable for cleanup of a property that has been environmentally damaged from prior use. For example, do you want to buy a property that lies in a flood zone? Think twice. There are environmental assessment organizations who can provide information about a specific area if you contact them. Look into any potential environmental problems before you buy. A property with hazardous waste issue would be of huge concern. It's up to you to be aware of the issues, fix them, and have them inspected once complete.
When you are looking at a commercial property, be sure to look at the neighborhood, too. Expensive, luxury-oriented businesses will thrive in more affluent neighborhoods. If your product or service tends to appeal primarily to lower or middle class consumers, look for commercial property in a more conservative neighborhood. If you want to make sure that your real estate broker is right for you, inquire as to what they think is a success or failure. Also be sure to ask their method of measuring results.
Published on Apr 10, 2013