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Points to consider before a commercial real estate transaction

On Behalf of | Mar 3, 2020 | commercial real estate

When you’re looking to buy property for your business, you have to ensure that you choose a location that will work for your company. There are several points that you have to think about during this process. The type of business you have is going to play a big part in what factors matter.

If you rely on customers to come to you, finding a location that makes it easy for them to visit is a priority. This means that it is easily accessible for your chosen clients. Checking things like parking and easy access to public transportation can help you determine if it is a suitable spot.

You also need to think about zoning issues. The type of business you run has to be allowed in the zoning type. For example, you can’t open a restaurant in a place that’s zoned for residential or industrial. You wouldn’t open a factory in a residential area.

Look at the other businesses in the area. You don’t want to move into an area that’s too saturated with companies that are similar to yours because this might cause competition that can’t be supported by the local economy.

Finally, consider the cost of the commercial property. Whether you purchase or lease, making the monthly payments is your responsibility. Make sure that you have a plan for at least the first few months while you establish the business in your new location. Be sure to look at fees and costs that might be hidden in the contract you sign. Having someone familiar with commercial real estate transactions review yours might be beneficial.