WHAT TO CONSIDER WHEN BUYING COMMERCIAL PROPERTY

Property Rights Law Firm, P.A. on Friday, October 12, 2018.

Business owners in Florida and throughout the country may benefit from acquiring commercial space for their companies. However, they will need to consider which space best fits their needs and whether it makes sense to buy a building as opposed to leasing one. Prior to making a purchase, a company needs to find a building that is functional. This means that it has plenty of parking, power and space for employees to be productive.

It is also critical to find a building that is priced as close as possible to its actual value. Otherwise, it may be necessary to later sell it at a loss. The location should be convenient for anyone who will need to use it. This could include employees, contractors and vendors who are associated with the organization. For most businesses, determining the location of a commercial building should be the first step toward buying it.

Business owners should partner with a banker to determine the total cost of a commercial space. Doing so will make it possible to account for all expenses including property taxes and maintenance. It can also help to project how much it might cost to retrofit the property. Prior to buying a building, owners should be sure to have an exit strategy such as transferring it to an adult child or selling it outright.

During the process of buying an industrial property, an individual may want to consult with an attorney to help with any due diligence that needs to be conducted, such as looking for zoning or title issues. A legal professional might also help to craft the terms of a purchase so that they are favorable to the buyer. An accountant or financial professional may also be helpful when attempting to acquire real property.