Tips for Buying Commercial Property
/While it goes without saying, investing in commercial properties, including retail outlets and office spaces, is a different experience from private residential. Purchasing a business to financially bolster your own business requires number crunching, finding capital and doing your homework on taxes. However, with the right kind of guidance, any investor is capable of growth through complex commercial real estate.
What is Commercial Property?
According to Bankrate.com, commercial property is defined as “Any property that is zoned or used solely for business purposes is a commercial property.” This includes a range of building types and structures, from shopping centers and strip malls, to retail stores, restaurants, industrial spaces, farms, office buildings, hotels, and even vacant lots. Essentially, it is property that is used primarily to generate a profit.
Educate Yourself
Educating yourself might sound daunting, but we’re here to tell you it is not only easier to do than you think, but it is essential to making good choices. Just as we all look up information about vehicles we are interested in buying before we start test driving, it is a good idea to look up the following to get a good grounding in the topic and what you’re about to face:
· Listen to podcasts
· Read commercial real estate books
· Watch videos on YouTube
· Talk to those who have already invested, or from commercial property realtors – get in touch!
· Join a local real estate investing group, or find one online that will allow you to become a member.
Find a Professional
It is the most obvious, but it has to be said. Professionals like Patty and Trip know the ins and outs of commercial property, buying and selling. Find a commercial property realtor you can trust and contact them today – they will be happy to provide guidance based on their experience and their network of resources.
