A commercial property is very different from a residential property. The factors that you will need to take into consideration are different from those that you will need to look into while buying a residential place. Buying a commercial space is also a great move to make if you own a business. However before you end up signing on the contract there are some key factors that you should be considering.
Location and Zoning
It is very crucial to choose the right location for your business. You would not want to go very far away from your current or potential customers. Check if the place is convenient enough to reach for your employees. Is the transport system convenient enough to reach the place? There are several such things that you would need to look into before choosing a property. Do not cut away from the place that your customers and employees stay.
If you are considering buying property as an investment then check if the commercial space already has tenants. If there are tenants then you will need to check on their contracts and known if they are willing to continue even after you take over the property. In case you would want to move into the place then you will need to known when the lease of the tenants will end so that you can plan on moving in accordingly.
Another crucial factor that needs to be taken into consideration while looking for a commercial property is the parking. You need to know if the premise has sufficient parking to park all vehicles of your employees and has sufficient space to accommodate those of your customers as well. Also take your future plans into consideration. Where will you business be in a few years from now? Will there be enough parking to accommodate the vehicles of all your employees when your business has grown in a few years time?
There is absolutely no substitution to doing a bit of a research on your own. Check out the space and also check out the area where it is located thoroughly. Go on and make a deal only if you are satisfied with the place that you see.
If you consider all of the above mentioned points then you will be putting yourself in a great position to buy a commercial property. Whether it is for your own business or for renting it out, you will need to do sufficient research on the place.