After working hard for a pretty long time, you have successfully expanded your business. Now you have more people coming towards your business and willing to join as your employee. So, the time has come to move from your home office to a bigger commercial property with proper cubicles, meeting rooms and more. It is a big step from your side because you are getting these properties on rent. Now you can rent and buy commercial property as per the precise requirements of the day.
How to choose the right commercial property for getting maximum value?
1. You need to educate yourself first:
You have to decide what you want from your commercial property and look for the options accordingly. While diversifying portfolio is one major aspect of commercial real estate service, you have to become an expert on your own on specified investment type, to avoid fraud cases.
- There are some parts of the investment procedures, which are not captured in video or book. So, having a direct chat with the real estate broker will help you out big time on that.
- Make sure to listen to some podcasts and read commercial real estate-centric books, and even watch some YouTube videos to learn about commercial investment.
2. Location is indeed necessary along with accessibility:
The location of the commercial property is one primary factor to consider.
- Make sure to evaluate employee commute length and the localised traffic patterns out there.
- Choose a commercial property that allows for better growth, resting place, communication, and comfort level of the employees. This will also enhance the office productivity.
- On the other hand, always choose a commercial property that has ample parking to deal with.
- Various business types will call for unique needs when it is about location.
3. The contract to work with:
Make sure to let the agents of commercial property provide different options in the type of contracts they offer. The traditional commercial based property contracts will lock you in for specified time, which can be either 5 or more years.
- In case you have outgrown the premises, then you have no secondary option but to continue paying the lease of the property, even if you are planning to move.
- These contracts are quite restrictive on the start-ups who might not be able to afford any monthly repayments, mainly while building a proper client vase.
Always check in for the firms that offer flexible version of rolling contracts to look into. You can also consider personal circumstances whenever asked for. Find out how is the locality around, what kind of report the survey and land engineer provides and what can be the extent of the decadal growth of the property which you try to deal in.
4. Go for the property type:
You can only invest in commercial property once you are aware of the major property types available in here. Some of the significant points are listed below for your reference.
- You have the multifamily property to get into. It can be anything from a single duplex to hundreds of units spread across garden-styled complex.
- Then you have simple office buildings with smaller commercial zoned home housing like attorney’s office.
- Retail real estate is another one to venture into right from corner of the house to massive shopping centre.
Now you get a whole lot of buyers and sellers who deal in major retail and commercial property. Find out how they have been working for the trendsetting properties, how can they enhance the price in a competitive market, and if you can pay them as per the EMI methods. Along with that, go for a proper searching and get all the paperwork right before you venture for major commercial establishments.