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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
5660 Laurel Avenue 8 $1,026

5660 Laurel Avenue 8 Stock Island, Florida

1 Baths

5570 3rd Avenue C202 $1,050

5570 3rd Avenue C202 Stock Island, Florida

7,520 SqFt

1010 Kennedy Drive 302-1 $1,100

1010 Kennedy Drive 302-1 KEY WEST, Florida

1 Baths

5650 Laurel Avenue 5 $1,314

5650 Laurel Avenue 5 Stock Island, Florida

1 Baths

5650 Laurel Avenue 7 $1,386

5650 Laurel Avenue 7 Stock Island, Florida

1 Baths

5650 Laurel Avenue 6 $1,386

5650 Laurel Avenue 6 Stock Island, Florida

1 Baths

524 Eaton Street 215 $1,400

524 Eaton Street 215 KEY WEST, Florida

2 Baths

5625 2Nd Avenue UP $1,745.79

5625 2Nd Avenue UP Stock Island, Florida

6,219 SqFt

5650 Laurel Avenue 4 $1,782

5650 Laurel Avenue 4 Stock Island, Florida

1 Baths

5650 Laurel Avenue 9 $2,421

5650 Laurel Avenue 9 Stock Island, Florida

1 Baths

1111 12Th Street 309 $3,339.58

1111 12Th Street 309 KEY WEST, Florida

106600 Overseas Highway 2nd Floor $4,000

106600 Overseas Highway 2nd Floor KEY LARGO, Florida

2,400 SqFt

2730 Roosevelt Boulevard N $4,083.33

2730 Roosevelt Boulevard N KEY WEST, Florida

1 Baths 178,707 SqFt

302 Southard Street 3 Units for Sale $383,725

302 Southard Street 3 Units for Sale KEY WEST, Florida

4 Baths

5800 Overseas Highway 21 $600,000

5800 Overseas Highway 21 MARATHON, Florida

1 Baths 1,860 SqFt

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

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Florida Keys Communities [Part 1]: Cities of the Upper, Lower & Middle Florida Keys »

Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

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RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

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RE/MAX Advance Realty
305-444-7111 Office

Business Address:
11010 SW 88th St. Ste. 200, Miami, FL 33176

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