Three Things to Consider When Investing in a Commercial Property - FINANCIAL-24
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Three Things to Consider When Investing in a Commercial Property - FINANCIAL-24
Commercial
real estate can be a hard business to crack. While the returns are high, the uncertainties and shifts in the market are a given, meaning that you always have to think fast before committing to any purchase. Take time out to consider how investing in a commercial property will be of benefit to yourself and, or, your business needs.
With a range of asset types available on the market, first decide if you are interested in either retail and industrial, office space or specialist and commercial properties before taking our three things into consideration when investing in a commercial property.
Do your homework firstRealistically are you ready to invest in this
fast-paced market? Are you going solo or taking on a partner? Do you have the full amount ready for a down payment on a property? Will you be taking on a landlord, or are you prepared to assume full responsibility for any future tenants? We understand it can be off putting taking time to review your business plans, but any homework prior to your purchase could save you weeks of headaches in the long term. Make sure your plans are fully future-proof; remember this is an investment not a quick fix.
Get your finances in orderCheck your credit rating and financing options before even considering a sale, and do make sure to book an appointment at your bank. Will you need some additional help to buy the property, and if so, is a second mortgage an option? Costs for decoration should be factored in too, in particular if you are looking to use the property in the retail sector. Future tenants will be after a property for rental that is ready to open its doors as soon as they sign the lease contract. For a quick and versatile alternative, why not consider slatwall, a durable solution for use in a variety of industrial and retail spaces. Retail display and store fixture supplier
AAA Displays provides a huge range of options for the commercial sector, check out their website for more information.
Always have a Plan BYou’ve done your homework, your finances are in order, you’re clued on the market and you’ve given your property a makeover. Now all you need is for your prospective tenants to sign the contract. The deal is as good as done. It might seem straightforward, but last minute legal issues and failure to get your paperwork reviewed, and in order, could cause delays, or in a worst-case scenario, result in no sale. Take time to complete an ALTA (American Land Title Association) survey and make sure you are fully aware of all aspects of the property, such as access rights. Be prepared in case you have to pull out at the last minute, and always have a Plan B. Don’t take this as a sign of weakness, it’s always better to be rational and prepared than wise in hindsight.
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