There are always industrial and commercial properties, but these types of properties do not receive preferential listings that are given to residential property. You have to know where to find these properties, and this article will give you the tools you need to do just that.
Scrutinize any disclosures made by a real estate agent whom you intend to hire. One thing you should specifically watch out for is dual agency. In this situation, the agent will represent the buyer and seller. This means that the agent is representing the interests of the lessor and lessee simultaneously. You and the other party should both agree if dual agency is to be okay.
Watch for motivated sellers. You have to look for them, especially those who need to sell below the market value. When you find the motivated seller, you’ll find your deal; nothing can happen before then.
Meet with your tax adviser prior to making a purchase. The tax lawyer will help you find out how much it will cost you and how much you will be taxed. Let your adviser help you find a building that won’t require you to pay too much in taxes.
It’s up to the borrower, that’s you, to order an appraisal for a commercial loan. You’re not going to be allowed to use this later by the bank. Plan for this eventuality and arrange for the appraisal on your own.
Location is vital to commercial real estate. For example, consider the surrounding area and local neighborhoods. Also look into growth of similar areas. What you are seeing now in terms of commercial potential might be very different a few years from now.
Look at any environmental impacts or prior EPA issues with the property. Should a problem with environmental waste ever occur, it is your obligation to properly clean your building and property. Are you considering buying a property within a flood zone, which can effect your insurance, storm water drainage and possibly impede future growth potential? Think twice. There are many resources that can give you local weather patterns, flood patterns and insurance risk ratings, which can all tell you about the area you are thinking about buying in.
Finding the correct kind of real estate is just half the battle. Every bit of information can make a difference.
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