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What if the Commercial Building You Want to Buy Needs Repairs?

What if the Commercial Building You Want to Buy Needs Repairs - Florida Keys Commerical

In the commercial real estate business, you will come across properties that need repairs. Depending on the agreement, parties and condition of the property your ultimate decision may either make or break you. So, here are a few options you may want to consider when buying commercial buildings that need repairs.

Negotiate a Fair Purchase Price

It only makes sense to buy a distressed property if the value of the property after repairs is greater than the sum of fixing costs, holding costs, and acquisition cost. It wouldn’t make sense to have to undergo all the pressure of buying and repairing a property only to end up making a loss. Also, its logical to bring the figures to the table. The property value after repairs should be about 50% greater than the value of the distressed property before renovations. After analyzing all these figures, negotiate with the seller about bringing down the price of the property to a point where the deal seems reasonable to both parties.

Can the Seller Pay for Repairs?

It takes two parties to tango and this might be just what you need. The seller should be reasonable enough to admit that the damages on the property are apparent and someone needs to take care of them. Of course, the property value before repairs should be slightly lower but will rise immediately the seller decides to take the repairs into his or her own hands. On the good side, it offloads the distress that comes with structure repair and renovation projects. If the seller decides to fix the repairs in his or her own account, you might want to analyze if the final purchasing price makes sense. If it does, you won’t get a better deal elsewhere.

Sometimes You Need to Find a Different Building

Sometimes deals aren’t for you. For instance, in a case where the seller won’t bend to negotiate for a fair deal or fix the damage, you might want to step back and go back to the drawing board. Whenever the figures keep dragging you back to making losses on the accounts sheet, do yourself a favor and walk away. Keep browsing the commercial listing market to find other favorable deals that won’t leave dents on your bank account.

Hot Key West Business Opportunities

1 Henry Morgan Road W 1 $38,000,000

1 Henry Morgan Road W 1 OTHER, Florida

99 Beds 119 Baths

1 Infinity Bay Road W 145 $28,000,000

1 Infinity Bay Road W 145 OTHER, Florida

99 Beds 170 Baths

1 Media Luna Resort Road W 126 $26,000,000

1 Media Luna Resort Road W 126 OTHER, Florida

99 Beds 109 Baths

1 SEA GRAPE PLANTATION RESORT Road W $7,999,999

1 SEA GRAPE PLANTATION RESORT Road W OTHER, Florida

30 Beds 33 Baths

27340 Overseas Highway $6,900,000

27340 Overseas Highway Ramrod, Florida

3,969 SqFt

1 Lands End  West End Roatan W $6,750,000

1 Lands End West End Roatan W OTHER, Florida

25 Beds 27 Baths

328 Whitehead Street $4,995,000

328 Whitehead Street KEY WEST, Florida

5 Beds 5 Baths 2,759 SqFt 0.330 Acres

7537 Overseas Highway $3,495,000

7537 Overseas Highway MARATHON, Florida

6,750 SqFt

91865 Overseas Highway $2,300,000

91865 Overseas Highway Tavernier, Florida

15 Beds 10 Baths 10,150 SqFt

100150 Overseas Highway $2,100,000

100150 Overseas Highway KEY LARGO, Florida

58835 Overseas Highway $1,499,000

58835 Overseas Highway MARATHON, Florida

3,414 SqFt

1000 Eaton Street $1,200,000

1000 Eaton Street KEY WEST, Florida

1 Baths 989 SqFt

Pirates Road $799,000

Pirates Road Cudjoe, Florida

Pirates Road $799,000

Pirates Road Cudjoe, Florida

96,547 SqFt

103275 Overseas Highway $675,000

103275 Overseas Highway KEY LARGO, Florida

3 Beds 2 Baths 1,845 SqFt 0.240 Acres

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!

In the meantime, check out these 1-click searches:

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Posted in: Buyers, Buying Commercial Real Estate, Buying Tips, Commercial Real Estate Tagged: Buying a Commercial Building, Repairs, Tips

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