When you are looking to buy commercial property, it is a complicated affair. There are so many things to look over and to be sure of when you are searching for commercial property and each demands attention. Here is a short list of some of the things you need to check on before you purchase a commercial property.
The Air Conditioning Unit
Depending on the size of the property you are seeking to purchase, the building might have several air conditioning units. These high efficiency appliances will set the temperature and mood inside the property. They are great aids in improving worker productivity and in making both customers and workers feel comfortable in your business. They are also the most expensive item on your electric bill so having an air conditioning unit that is efficient can save you thousands of dollars each month depending on how many units you have in operation. If the units are more than 25 years old, newer a/c unit whether it is a ductless or ducted air conditioner and one with a multi-split system, today’s high quality air conditioners can save you more than 30% off your electric bill. If you seek to lease the commercial property you purchase, this is a great selling point for potential tenants.
The Zoning Laws
Zoning laws are very important for a commercial property because they determine the type of business you can create on the property. Make sure that the zoning laws where the commercial property is located fit the type of business you want to build or solicit as tenants. If you have an interest in creating a certain type of factory where you must use specific chemicals or processes, this simply may not be possible. Or if you intend to solicit certain types of tenants you will be restricted by the zoning laws. So it is important that you know what is possible before you purchase the commercial property.
Whether the Market is Going Up or Down
You need to understand the state of the commercial reaL estate market where you are seeking to purchase commercial real estate. This means doing the work to understand the market trends.
Will Tenants Want to Lease the Property?
When you look to purchase a commercial property, you must consider whether the property you are considering is one that tenants will want to rent. Tenants will be picky about where they set up their businesses so you need to view your purchase through their eyes and be very discerning. Make sure the place looks good and shows well and is easily accessible by major roads. If it is not a new building it should be very well maintained and have a great record of maintenance for its plumbing and electrical systems. The owners should provide maintenance records and point out any areas of the property that have created any problems. Look for a list of amenities and features that are impressive. You should do this even if you intend to occupy the premises because you might want to lease it later.