On behalf of Kadish & Associates Law Group posted in Commercial Real Estate Transactions on Thursday, August 1, 2019.
Buying commercial real property is a big investment for your business. Before you initiate a transaction, you need to make sure that you are doing what is best for your company. If you don’t ensure that everything meets your needs, you will eventually regret your decision. There are several factors that you need to consider when you are trying to decide whether a property is suitable or not.
One of the primary concerns is the location of the property. You must ensure that your clients are going to have easy access to your business. For example, you might make some money if you open a custom embroidery business on the outskirts of town, but you might do better if you find a building in the middle of the business district since those companies might turn to you for customization of items if they see your company on a regular basis. You can also use networking, in this case, to drive more business to your company than what might be possible if you are away from the action.
When you look at the location, you need to find out what the property is zoned for. Are there any limitations from a legal standpoint that might negatively impact your company? Remember that zoning can sometimes be changed, but you need to find out if this is the case if it isn’t zoned how you need it.
You also need to look at whether your company can grow in that location. This means determining whether there is ample parking available for your clients as your company expands. You also need to ensure that you have room for product or personnel who might be necessary due to the company growing.
Finally, make sure that you are protected from a legal standpoint. Some factors might make a good deal on a lease or property purchase go bad, so make sure that you have professionals to protect your interests from start to finish.