Commercial buildings are a great way to start a small business. They come with all the amenities that you need and can be sized to your specific needs. However, before you buy one of these buildings, there are a few things that you should consider first. Below are some factors to consider so that when it comes time for you to purchase property, you know what questions to ask and what pitfalls might await.
What is the property near?
Keep in mind that a warehouse might be great for storage, but it may not provide much foot traffic. If your business relies on people walking into your store, you need to find a location where there are some other businesses nearby. This will help grow your customer base and make sure that you don't go out of business.
Is the property in an area that you want to be?
You might not care about where a commercial building is located, but if your customers are going to have to travel for 30 minutes just because they needed something from your store and there was not one closer, it may not be worth acquiring this piece of property.
What is the zoning of the commercial building?
If you have a certain type of store in mind and it does not fit into your city's zoning laws, then you might be out of luck! But if you are looking for an apartment complex or something else that may not require as much red tape to get started, then you might be able to get around this issue.
What are the terms of the lease?
You need a space that is long-term because it will take time for your business to grow and prosper (if ever). If you buy an old building and there is only one year left on the lease, what happens to your business?
What are the benefits of having a commercial building over renting one or leasing space somewhere else?
If you decide to buy instead of rent, then this can be beneficial because it will save money in the long run. Additionally, there may not always be availability for rental and if that is your only option, chances are you're going to have to move again in a year or two.
What are the other costs associated with this commercial property?
If there is an outside maintenance fee, what will it cover? What about taxes and insurance expenses? These can all add up quickly and if they are not covered by your lease agreement then you will need to pay for them out of pocket.
Will it need repairs?
It is also important to inspect the structural integrity of the building. As you tour the property, look for signs that it has been well maintained. Look for cracks in the pavement and make sure it has proper drainage grading. If the building does appear to have issues but you already fell in love with it, Park Range Construction can help! We can hang walls, fix your foundation, improve grading, and more. Let us help you get your business up and running.
Published on 7-14-2021