Is purchasing commercial property right for you? Here’s how to get started.
Pursuing your business venture is a significant step, and can include some level of risk. Buying commercial property is one of the ways in which you can take your business to the next level, and has plenty of benefits. If you are considering buying commercial property, here are some tips to get you started.
Why Buy Commercial Property?
Buying commercial property offers several advantages. Although leasing a business space can let you off the hook for major maintenance costs, purchasing gives you the freedom and control that a landlord has. You can do what you like with the property, leasing out to tenants, or building up your own enterprise. Purchasing also gives you the power to change the property’s appearance as you like. Moreover, owning your business space gives you valuable tax breaks and peace of mind knowing your mortgage rate will never rise, as monthly rent can. Clagett Enterprises, serving the Frederick, Maryland, area, can provide you with financial advice in this regard.
Questions to Ask
If making a purchase sounds right for you, there are several questions to ask when determining your target property. First, what type of property do you need? Commercial property includes office buildings, industrial and manufacturing properties, retail spaces, and apartments or condominium units.
Next, what location would be best? If you know you want to do business in Maryland, what area? Given the area, would a more urban or rural setting be better? What types of businesses would surround yours for the best customer and employee accessibility? How easy is it to reach the location you have in mind? Even more specifically, how much parking space does your property need?
Also ask what your purpose is for the property. You may shift your answers to the above questions depending on if you are leasing to tenants or housing your own company.
When you have narrowed down the area you’d like to pursue, you’ll need to make sure that you can legally perform your business in that location and expand if necessary. You will also need to determine how much initial renovation you’ll need to do, such as asbestos or lead paint removal.
Lastly, what resources can you bring to the table, and in what ways will you need extra help? Property management, for example, is truly a full-time job. If you are leasing out units, you may need a property manager to take care of screening, maintenance, advertising, and more.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.