On behalf of Kadish & Associates Law Group posted in Commercial Real Estate Transactions on Friday, February 14, 2020.
Before you purchase a property for your business, you must ensure that it is a good fit for your company. There are several factors that you have to think about when you’re doing this. One of the first things that you need to look at is the location of the business, which can have a big impact on whether you can get customers to come to your location.
You have to know the zoning information for the property because this dictates what it can be used for. The land use information is also important for the same reason. It might be possible to have the zoning and land use changed to suit your company’s needs, but you need to explore this possibility and find out if it’s feasible.
Look at the layout of the building to determine whether it can meet your needs. Sometimes, renovating the interior of a space is a good idea but if the overall design of the building doesn’t work, it’s best to leave it alone.
Check the parking for the building. You need to ensure that your customers can park close to the business. There might not be a dedicated parking lot for your business, but you can review nearby parking options and even on-street parking options to be sure that your customers will be able to visit your business.
You also need to look at the terms of the lease or loan. Being able to afford the payments and other costs associated with the building is important since you don’t want to go into deep debt as soon as you open the doors.
Before you sign any contracts, review the information to ensure it adequately protects you. Having your attorney review it is also a good idea.