With a well-thought-out plan and thorough research, commercial real estate can be a very lucrative investment. However, if this is your first time purchasing a commercial property, you may not be sure where to start when it comes to the vetting process. Don’t worry though—our commercial property experts have put together a checklist to help you ensure you’re getting the best value for your money!
Build a team of experts.
There are so many factors that go into determining if a commercial property is right for your business that it would be impossible for you to be able to properly evaluate them all. That’s why, for the best chance of success, you need to work with professionals who can offer expertise and guidance in those crucial areas of commercial real estate investment. Before you begin your property search, you should partner with the following individuals:
- Commercial Realtor
- Commercial Real Estate Lawyer
- Financer (Commercial Mortgage Broker or Lender)
Search for properties in your market that fit your needs.
Once you’ve hired your team, it’s time to start looking at what’s available on the market. As you begin your search, consider the needs and goals of your business. Think about how you plan on using your space and components that will influence your day-to-day operations. Use factors such as location, layout, and square footage to refine your search.
Once you narrow down your options, research each property more in-depth.
After you’ve identified one or two properties that fulfill your basic requirements, you’ll want to find out as much information as you can about each one. What was the building used for previously? What do the property taxes look like? What are the estimated operating costs? Are there any zoning or environmental regulations? This is also the step where you’ll want to hire a few more professionals to complete a property appraisal, commercial property inspection, and property title search.
Draw up a contract and have a lawyer review.
Before you put in an official offer for a commercial property, it’s a good idea to have an attorney that specializes in commercial real estate look it over. A lawyer will ensure your purchase is legal, as well as help you draft contingencies in your contract that keep you protected or offer you an out in the event of issues that come up after the deal is closed.
If you’re in the process of purchasing commercial real estate in Fargo, ND, Nordic Commercial Inspection can help you make the right decision.
Our professionals will come out to your building and perform a comprehensive commercial property inspection, provide a detailed report, and give expert recommendations for repairs, improvements, and maintenance. We’ll make sure you have all the information you need to determine if the property you’re considering is a good investment before taking the next step.
Contact us today to learn more about our services and schedule your commercial inspection!