If you are interested in buying your first commercial property, then it’s important that you understand that this purchase is going to be different than buying a residential home. Commercial properties come in around five different forms including office buildings, multifamily structures, industrial complexes, retail units and hospitality buildings. You can invest in these or other kinds to make money by renting the facilities or by running your own business there.
When you buy your property, you have to select the property that is right for your business. There are also some steps you should take to protect your interests and make sure you are buying a property that has been represented correctly to do. Failing to do so could leave you with a commercial property that isn’t quite what you expected.
- Do your due diligence and inspect the property
As a part of the buying process, you should inspect the property. You usually only have around 30 to 60 days to do so, so you will want to bring in a team to inspect the property as soon as possible.
- Get an appraisal
If you haven’t done so yet, get an appraisal on the property. You should be sure that the property is valued at the price you’ve offered and that it is in the condition that you expected.
- Get a property survey
A professional property survey is essential. While you may have a number of options for surveys, go with a complete survey so that it covers all your bases. Remember, this purchase is a major investment, so you should make sure your survey and inspections come back as expected before going through with the purchase.
- Check the title
Checking the property’s title is essential to being sure that there are no clouds or other issues, like judgments, liens or outstanding taxes, which could negatively impact your purchase.
These are a few things to consider as you focus on buying a commercial property. This can be a long process, but with the right legal knowledge, you can make sure that the property has been represented correctly and is the right purchase for you.