Are you thinking of getting a commercial property for your business in Lafayette, IN? In the US, there is approximately $6 trillion worth of commercial real estate occupied mostly by enterprises under the five largest commercial categories: retail, hotels, office buildings, apartment buildings, and industrial.
So if you’re thinking of getting a piece of commercial real estate in IN, here are some of the things that you should consider.
The cost of setting up your office or business establishment must be laid out properly and planned before anything else. In doing so, you will be able to select the commercial property that is within your overall budget.
One thing that you should remember when it comes to the location of your commercial property is that a lucrative area today could turn into an unpopular destination the next day. Therefore, it’s not safe to choose an area due to its popularity alone.
Think about the location’s accessibility to your customers, its proximity to suppliers, and connectivity through all forms of transportation. Explore the surrounding area well to make sure that the neighborhood is safe for your business.
- Property Condition
If the property was owned by someone else before you, learn how and for what purpose it was used. Assess its overall condition by having it inspected by a professional. Doing so will help you determine the repairs and modifications you need to make should you push through with the sale. It will also help justify the property’s selling price.
- Allowable Purposes
Before you purchase commercial real estate in IN or any other state, you need to know the lawful use of the property. Every area will have its allowable purposes for commercial properties, so it’s essential to take a trip to city hall to learn about any rules and regulations that businesses there must adhere to.
- Support Services
What are the support service providers for businesses in the area? Are there enough parking spaces? What about security? Ensure that these support services are available before you purchase a commercial property. As much as possible, a property that already has established support services is ideal. On the other hand, the property should not make it difficult for you to get additional support services that your business will need.
- Expansion Opportunities
Eventually, your business will grow, which entails physical expansion. When looking at commercial properties, it’s essential to keep this in mind. If you already have a projected growth rate, it’s vital to factor that in when buying a commercial property.
- Infrastructure Development
The infrastructure development in the area will affect the value of the property, either positively or negatively. Therefore, study the infrastructure first and determine how it can benefit or not benefit your business.
When looking at commercial real estate, make sure that the property is free of any old or existing litigation. Should there be a legal issue with the property, you can renegotiate or cancel the deal.
Buying a commercial property is a big step in moving your business forward, so you need to practice due diligence before you sign a deal. It’s also a good idea to make frequent visits to the property at specific times of the day and night to check its environment. Having the right team to help you in the decision-making process is also crucial.
Need help with buying a commercial property? Contact Titan Lafeyette Real Estate today.