When searching for your ideal commercial real estate property it’s easy to be swayed by the outer factors especially if it looks great from the surface and is located in the ideal area. Due to it being such a huge step for the business, some people tend to be impulsive when making decisions and not completely assessing the property for the long-run.
Since this is a long-term investment, you should watch out not to make these common mistakes when you purchase your commercial real estate.
Town planning restrictions
The location may limit additional renovations to be made due to the environment or town planning restrictions. Not checking whether the building complies with municipal codes could result in problems at a later stage.
Building size restrictions
Failing to consider potential business growth where physical expansion will be needed to accommodate more. You may not be able to extend the building and the building may be too small which will result in having to resell and relocate which can result in spending more money.
Trusting the seller for transparency
Sometimes a seller can fail to disclose all issues with the building and because of their omission you may end up with major problems in the future.
Difficult to access location
While the building’s location may be ideal for the business, if it is hard for staff and clients to access, this can pose a big problem.
These are just some of the mistakes to be aware of. If you’re looking for guidance and professional assistance to help you not make these mistakes, contact Jack and let him help you purchase or rent the best property for your business.