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Should You Buy a Commercial Building That Needs Repairs?

Should You Buy a Commercial Building That Needs Repairs

When you’re thinking about buying a commercial building in the Florida Keys, is it worth it to buy one that needs repairs? Here’s what you need to know.

Should You Buy a Commercial Building That Needs Repairs?

Most commercial buildings with any age on them need repairs. Due to the nature of their use and being open to the public, they see heavy use and abuse. The degree of care and maintenance over the years determines how well commercial buildings age.

So, the primary question is not should you buy a building that needs repairs. The needle in the haystack is a commercial building that does not need repairs. Read below to discover an even more important concern to consider before buying a commercial building.

Can the Location Make Up for the Building’s Need for Repairs?

Again, the initial, primary concern is not repairs. The all-important question for any such purchase is that central question for all real estate, no matter what kind.

Location is the determining factor for whether you should make the purchase. Location, more than any other variable, is the central question. Location is what gives a commercial building its value or lowers it.

Is the building in or reasonably near a financially active and vibrant area of the city?

Is that area a safe place to walk any time of the day or night? Answers to these initial questions should guide you in moving forward with your purchase.

Can the Building Hold Up to Its Intended Use?

Is the building still suitable for which it was designed and built? Will your use plans require expensive and extensive remodeling? More importantly, is the building design and layout suitable for the use you have in mind without any remodeling?

What is the condition of the property upon which it sits? Does it need extensive re-design and resurfacing? Is the attached sufficient?

What about ingress and egress? How conveniently located is it to the street, road or main thoroughfare? Will its users be able to comfortably come and go with and against traffic?

Is the Building Potentially Profitable?

If all the aforementioned questions are satisfactorily answered, now you should begin to assess repairs. Do so with an eye toward costs.

Purchase price plus cost of all repairs is the total cost, not just the asking price. Your total cost is the benchmark for profitability and how quickly you will realize that profit.

Assessing Repair Costs

Hire professionals to inspect the foundation, walls, roof and overall structural condition. Next, have the electrical system thoroughly inspected and assessed for repair, or if the building must be completely re-wired.

Order an inspection for the building’s HVAC system. Inspect for mold and any other air-borne contaminants. Keep a running total for these repairs and the inspection fees.

Making an Offer You Can Live With

If no deal-breaker repairs are discovered, make your best offer with the repair costs included. If the seller agrees, you have just purchased your commercial building.

Are You Buying a Commercial Building in the Keys?

If you’re thinking about buying a commercial building in the Florida Keys, we can help you! Call us at 305-296-1400 to talk about what you’re looking for – we’ll help you find the perfect property.

While you’re here, check out our:

  • Florida Keys bars and restaurants for sale
  • Businesses for sale in the Florida Keys
  • Investment properties for sale in the Florida Keys
  • Marinas for sale in the Keys
  • Hotels and bed & breakfasts for sale in Florida
  • Multi-unit commercial properties for sale in the Keys
21460 Overseas Highway 14 $1,100

21460 Overseas Highway 14 Cudjoe, Florida

1 Baths 10,980 SqFt

19980 Overseas Highway 19950 $1,310

19980 Overseas Highway 19950 Sugarloaf, Florida

1 Baths 2,520 SqFt

251 Key Deer Boulevard B3 $1,700

251 Key Deer Boulevard B3 Big Pine, Florida

92,214 SqFt

2780 Roosevelt Boulevard N 2 $1,950

2780 Roosevelt Boulevard N 2 KEY WEST, Florida

1 Baths 178,707 SqFt

19980 Overseas Highway $1,986

19980 Overseas Highway Sugarloaf, Florida

1 Baths 2,520 SqFt

124 Toppino Industrial Drive $2,000

124 Toppino Industrial Drive Rockland, Florida

1213 Truman Avenue A $2,143

1213 Truman Avenue A KEY WEST, Florida

1 Baths 2,949 SqFt

$3,195

Summerland Key, Florida

2 Baths 2,520 SqFt

1500 Bertha Street $4,800

1500 Bertha Street KEY WEST, Florida

3 Baths 2,646 SqFt

30362 Overseas Highway $4,877

30362 Overseas Highway Big Pine, Florida

1 Baths 3,251 SqFt

901 Fleming Street $5,000

901 Fleming Street KEY WEST, Florida

2 Baths 4,776 SqFt

86701 Overseas Highway $10,677

86701 Overseas Highway ISLAMORADA, Florida

10,334 SqFt

117 Duval Street 101 $25,367

117 Duval Street 101 KEY WEST, Florida

2 Baths 9,140 SqFt

4463 Lafayette, Marianna FL Street $80,000

4463 Lafayette, Marianna FL Street OTHER, Florida

Lot 17 Overseas Hwy Highway $275,000

Lot 17 Overseas Hwy Highway Cudjoe, Florida

Posted in: Buyers, Buying a Business, Buying Commercial Real Estate Tagged: Buying a Commercial Building, Fixer-Upper, Repairs

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305-304-0084 Direct

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Key West Office

410 Caroline St.
Key West, FL 33040

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98880 Overseas Hwy.
Key Largo, FL 33037

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