When selling or purchasing commercial real estate it is important to have everything done properly. Even if you think you’re a pro at this kind of real estate transaction, you might be missing something that could improve your profits or save you some hassle. You will learn lots of important pointers regarding commercial real estate by reading the following information.
Before you invest heavily in a piece of property, investigate the economics of the neighborhood such as unemployment rates, income levels and local businesses. Properties that are near major employment centers, such as medical centers or universities, often sell more quickly and at a higher price.
Take plenty of pictures of the building. Be sure that you have any and all defects present on the pictures you take (things like holes, discoloration, or spots).
When deciding between two viable commercial properties, it is best to think on a larger scale. 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.
Ensure there is adequate access to utilities on the commercial property. Every business has unique requirements, but for most, electric, water and sewer access will be required.
Be sure to have a professional building inspector go through your property before you put it up for sale. Fix all problems that they find as soon as possible.
Do not make the mistake of assuming that you have learned everything there is to know when it comes to commercial real estate. Work under the assumption that there is more to learn, so that you will always be seeking out new information and new ways to profit from your investments. You will benefit from using wisely what you have just learned.
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1850 East 17th Street, Suite 117, Santa Ana, CA 92705, USA
Call Today: 714-543-4979 – Santa Ana Leasing Office by Atrium Property Suites