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3 Things To Avoid When Buying Commercial Property

When buying commercial property, it’s tempting to make an offer on the first property you fall in love with – and while you might not make an error by following your heart, chances are greater that you could. You should consider buying commercial property the same as entering a committed relationship, because that’s what you are doing. You need to carefully consider the pros and cons of the property and if there are any “deal breakers” before you commit to a commercial property. While your heart may lead you in the right place, you want to doublecheck that everything is a match with what your intellect says (and sometimes that’s hard to separate!) While you do this, these three things are necessary to avoid while buying commercial property.

3 Things To Avoid When Buying Commercial Property

  •  Not knowing the demographics of the area
  •  Not knowing local rent and property values
  •  Failing to be honest with yourself about the cost of repairs

If you don’t know the demographics of the area – which are characteristics like the median age of people who live in the area, their income status, number of young families as opposed to older retired couples, cultural values and social norms of people living in the area, you have a much higher chance of making a mistake when buying commercial property. You wouldn’t want to buy a building for the purpose of opening a children’s indoor playground in a community that is 90% retired people, unless you had special factors and had done your homework – if many of the residents are raising their grandchildren, it might be a sound decision. You need to really research the area and watch what’s happening in the local area.

If you have no idea what local rent value or property values are, you really can’t be sure if you’re making a sound business decision or getting a good deal. Business is all about competition – and competitive rates for similar structures/businesses in area. Do your homework. What did a similar building sell for last month in the area? How many similar buildings are on the market and how long are they typically on the market?

Not being honest with yourself is the downfall of any relationship, and it would definitely impact your success as a commercial property owner. You may absolutely love a building, but if it needs a lot of costly repairs, you have to take a step back and assess the situation. Do you actually have the funds or a high potential for return investment to make them? If so, how long until you’d see a return investment? A lot about business and buying commercial real estate is timing. You must take this into consideration when buying commercial property.
In the meantime, check out these 1-click searches:

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Newest Key West Commercial Properties on the Market

Professional Friendly Business Environment, hard to find small lease space suitable for office or storage, Unit C101 offers 342sf of space with windows and private bathroom. Elevated, concrete structure with off street parking. In addition to the monthly rent quoted is sales tax, Tenant is responsible for water and electric. Minimum one-year lease $725 Active

5570 3Rd Street C101 Stock Island, Florida

1 Baths 7,520 SqFt

Terrific investment opportunity! Commercial building with three ample leasable spaces and great visibility on US1. Building is in excellent condition with marquee signage with upgraded electrical and 120 feet of frontage. Units are individually metered and can function well for retail, office or food & beverage businesses. Ample parking in front, along the side and in the rear of the building.  Opportunity for expansion behind the building as well. $729,000 Active

30971 Avenue A Big Pine, Florida

3 Baths 2,271 SqFt

Listed $50,000 under appraised value. Rare opportunity to purchase the Historic 7 Mile Marina less than a mile from 7 Mile Bridge with over 360ft of US-1 frontage! Commercial property consists of protected marina, 3,600 sqft building. Marathon approved transferable building rights allowing 9,332 of commercial floor area, two tax keys totaling +/- 54,768 sqft or 1.25 acres. Property being sold ''AS IS'' no warranties or representations and no leases. Includes a deed restriction for neighboring property not to store straps within 75 ft of NE property line. Prior to 2014 fire, property had a 150 seat restaurant and office. $3,150,000 Active

1090 Overseas Highway MARATHON, Florida

2 Baths

Here is your chance to own a turnkey restaurant property in paradise! Recently updated and renovated, this restaurant property is a staple to the local community.PRIME US1 FRONTAGE, Average daily traffic is over 16,000! Total of 168 seats, qualifies for SRX license, and offers tons of parking on the 20,000sqft lot. This property is ready to go, don't miss this opportunity! $995,000 Active

31044 Avenue B Big Pine, Florida

3,252 SqFt

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Posted in: Business Loans, Business Solutions, Buyers, Buying Commercial Real Estate, Owning a Business Tagged: 3 Things To Avoid When Buying Commercial Property, mistakes in buying commercial property, things to avoid when buying commercial property, things to find out before buying commercial property

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