Need a Commercial Space with an Office and Shop? What to Know before You Buy or Lease
Posted on: 27 May 2016
If you're looking for a commercial property where you can have offices and a shop space, you'll want to work with a commercial real estate company to see what is available in the area. You also want to make sure that you are buying or leasing a building for a fair price and that the contract is reasonable. Here are a few things to talk with your agent about before you start checking out buildings.
Understand the Lease Options
You want to go into your lease knowing what you're responsible for, what you have to pay if something goes wrong, and how much you will really be paying each month. There are a variety of different commercial leases, and all may not work with your budget or with the amount of time that you want to lease the space. If leasing seems like a big investment, you may want to consider buying a property instead to better spend your money.
Inspect the Space
It doesn't matter if you're buying or leasing a space, you want to have it inspected by a professional property inspector. If you'll be buying the space, the loan company will insist that you have an inspection to make sure the property is worth the value of the loan. If you're leasing the space, you want to know about potential problems and replacement costs that you could have to deal with.
Know the Area
Take some time to get to know the area, look at the crime rates, and determine if it's a place where people will be comfortable coming to work or coming in as a customer. Businesses and areas can look much different in the day, so take the time to drive by the area at night to see if it seems safe or if it's somewhere you would be comfortable with if you had to work late.
These are just a few of the things that you want to consider when you know you want to buy or lease a commercial property. Prepare your budget so you know what you want to spend for a monthly loan or lease payment, and the real estate agent can target the best commercial spaces in your price range. Find the right space so you don't lose money or make a bad investment. Find a commercial real estate company in your area to get started with your search.
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