When you’re considering the purchase of a commercial building, there are many important factors to examine before you make a decision. Because this is a big investment, you want to make sure that you are making the right choice before committing to a specific location. To help you make the decision, here are 10 questions you should ask before buying a commercial building.
1. Do I have a knowledgeable real estate professional to guide me?
It’s important to have a real estate professional who understands the commercial market and can help you navigate through the process. They will be able to provide you with valuable insights, as well as connect you with the right people and resources along the way. You can consult with a real estate broker as well as a real estate lawyer to avoid future problems from a specific purchase.
2. What are my long-term business goals?
Before buying a commercial building, you need to have a clear idea of your business goals. Ask yourself how you see your company growing in the next few years and what type of space will be necessary to accommodate that growth. This will help you determine whether or not buying a commercial building is the right move for your business.
3. What are my current and future occupancy needs?
In order to figure out if buying a commercial building is the right decision, you need to know how much space you currently need and how much space you will need in the future. You also need to take into account any possible expansion plans you may have. This information will help you determine if the building you’re considering is the right size for your business.
4. What is the current condition of the building?
Before making an offer on a commercial building, you should have it inspected by a professional to get an idea of the condition of the property. This will help you determine if there are any major repairs or renovations that need to be done and how much they will cost. It’s also important to know if the building is up to code and in compliance with any applicable regulations.
5. What are the monthly expenses?
One of the main things you need to consider when buying a commercial building is the monthly expenses. Ask your real estate professional to provide you with a breakdown of all the associated costs, including property taxes, insurance, and maintenance fees. This will help you determine if you can afford to purchase the building and whether or not it’s a wise investment.
6. What is the zoning for the building?
It’s important to make sure that the zoning for the building you’re considering buying is appropriate for your business. You don’t want to purchase a building that doesn’t allow you to conduct the type of business you plan on operating. Zoning laws can be complex, so it’s best to consult with your real estate professional to make sure everything is in order.
7. What are the potential environmental risks?
Before making an offer on a commercial building, you should have it inspected for any potential environmental risks. This includes things like asbestos, lead paint, and radon. If any of these risks are present, it’s important to factor in the cost of remediation into your overall budget.
8. What is the parking situation?
If your business relies on customers coming to your location, it’s important to make sure that the building you’re considering buying has adequate parking. Ask your real estate professional about the parking situation and whether or not there is any on-site parking available. If not, you may have to factor in the cost of a nearby parking garage into your budget.
9. Is the building in a desirable location?
One of the most important factors to consider when buying a commercial building is its location. Is the building in a desirable area with high foot traffic? Is it close to other businesses and amenities? The location of the building will play a key role in how successful your business will be.
10. Are there any potential zoning changes that could affect the value of the building?
It’s important to stay up-to-date on any potential zoning changes that could affect the value of the building you’re considering buying. If there are any proposed changes that would impact your business, they could affect the overall value of the property. Consult with your real estate professional to stay informed about any potential zoning changes.
When deciding whether or not to buy a commercial building, it’s important to ask yourself a lot of questions. By considering all the factors involved, you can make an informed decision that’s right for your business. If you’re still unsure if buying is the right move, consult with a real estate professional who can help you weigh the pros and cons.