When your business establishes itself as viable, then you need to consider the best space for it. If you have already saved enough money for the down payment, then most conventional lenders will finance ninety percent of the purchase price. This means that you can buy the property for as little as ten percent of the purchase cost. In most cases, you could also borrow cash to make significant renovations to your new commercial property. Also, financial institutions will require a property appraisal. This appraisal will confirm that the buying price of the property is reasonable when compared to previous property sales.
What to Look for
A great location for your commercial real estate property is very important for success. You’ll want to consider the nearby roads and how easy it is for your future customers to access the building. Here are other factors to consider:
- construction method – Find out what the building is made of and how durable it is. This information will save you from buying something that needs a lot of repair work.
- zoning – Make sure the building you plan on purchasing is in the right zone for your business.
- orders – Before you purchase the building make sure there are no orders or notices on it that you’ll be financially responsible for. This will save you a lot of heartache in the future.
- Neighbors – Take some time and see what businesses are nearby. Will they compete with or compliment your business.
- parking – Check to see if there is ample parking around the building. Free parking is ideal, because you want it to be easy to go to your business.
As you can see, there’s a lot to consider when reviewing commercial property listings. Once you find the right property for your business and the lender to finance it, you’re on your way to achieving your business goals.