Buying Commercial Real Estate: Have You Assessed Your Risk Thoroughly?

Buying real estate can be a tricky venture. We all know how substantial a role our emotions can play in buying a residence, and especially if enticed by a dream home. If you are searching for commercial real estate, it can be just as hard to remain objective and logical and ‘business like,’ but doing so will serve you well.

If you own a business, most likely you are passionate about success and are in healthy competition with others in your industry. If you are searching for your first commercial property, or seek to move your business, you may be in a quandary regarding which space to choose. There are many questions to ask yourself, as well as the real estate broker you are working with. Is this a property you plan to house your own business in for the long term? Are you seeking a turn-key property, or might you be open to making improvements on an older building or a complete fixer upper? Do you have the cash available to do so, or will you need to work with a partner?

Seek out a real estate broker experienced in commercial real estate. If you are working with a franchise company or other partners, you will all need to work together in establishing what is needed and required as you purchase a commercial property, and the appropriate contracts should be drawn up outlining everyone’s part. Seek the advice of your mortgage broker, accountant, and real estate attorney as you embark on this journey.

Consider the following as you begin researching a new commercial property:

Location, location – how have other businesses fared in this area? If your goal is to see your company thriving immediately, this is a major consideration. If the property purchase is more of a long-term investment, you may be able to get away with buying a fixer upper and waiting for property values to rise. Talk to ‘neighbors’ in the area and examine how the other commercial properties appear in terms of upkeep and customer traffic.
Zoning – be apprised of all zoning laws for the area as well as researching any upcoming changes or issues. This can be important in major metropolitan areas, but more so for smaller towns and outlying areas.
Vendors – will you be in reasonable proximity to vendors you plan on using or already work with? Is the property easy for them to get to, and would there be any issues with receiving deliveries there?
Financing options – examine all your options, with the help of both your accountant and your attorney.
Property expenses – find out how much taxes are on the property, as well as whether you will need to factor in any major repairs.
Goals for the future – does this property align with your long-term plans? Can your business sustain the ongoing expenses that will be involved, as well as continuing to grow at this property?

Make sure to be diligent in considering every aspect of buying a commercial property. If you are planning on using it for your immediate business purposes, your livelihood could be at stake. If you are involved in any real estate projects, or have the misfortune of being involved in real estate litigation, please call Shane Coons now at 949-333-0900 or email at Shane.Coons@seclawoffices.com. We are here to help!

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Buying Commercial Real Estate: Have You Assessed Your Risk Thoroughly?

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