5 Things to Consider When Purchasing Commercial Real Estate
What type of property are you wanting to buy?
There are many options when considering the purchase of CRE. Are you looking to invest in multifamily, retail, industrial or office properties? Are you looking for a free-standing building, an entire strip center, or maybe a unit of an office condo?
Are you an owner/user or an investor?
Consider the reasons you are buying CRE. Do you need a place to start up or expand your business? Or are you looking to invest by leasing the space after you buy?
Location Location Location!
Picking the location is key in buying real estate. Maybe you want to be in a heavily trafficked location or maybe you need to be near a rail spur. There are many options to consider.
Are you willing to be a hands-on landlord?
Managing your own property can be a ton of work, so consider if you are willing to hire a property manager. How much time do you have to commit to this property?
Hire an expert
Hire an expert who specializes in your product type. For your retail space hire a retail broker. Office space hire an office broker. For your industrial space hire a broker experienced in dealing with warehouses on rail lines. For multifamily, hire a multifamily broker.