The purchase of commercial real estate can be a complex and tedious process, and can require a considerable amount of your time. When you add to that the stress that comes along with establishing a new company or relocating an existing corporation to a less familiar location, disaster could be on the horizon.
The good news is the process doesn’t have to be difficult or stressful for you, your customers or employees. You can set the foundation for a thorough, less stressful commercial acquisition process.
Here are 3 steps to take before you purchase any commercial real estate:
1. Set a Budget
As with any property acquisition, an essential early step in the process is setting a budget. How much you can afford will play a significant role in determining the location and type of commercial property you can acquire. If you take time to set a budget early on, even if it’s only a range and not an exact figure, you will save yourself a great deal of time and effort.
2. Determine the Type of Property you Need
There is no shortage of available real estate (residential or commercial) in South Florida. In this economy, you may be able to acquire commercial property at a fraction of its value. You’ll just need to find the “right” piece of real estate (retail, warehouse, office space or raw land) for your corporation.
3. Pick a Location
The location you choose for your corporation’s home will be an essential component of its success. When researching locations that may be a good fit for your company, consider your target audience and the products and services you offer. With regards to each potential location, ask yourself:
o Is this location suitable for my business?
o Will this location be convenient for my customers?
Your decision to purchase commercial property in South Florida is not a lonely one as it is an attractive location for many corporations and for several reasons. Aside from its appealing weather and tourist attractions, Florida is becoming more popular and the demand for commercial properties is expected to increase as we enter 2010.
Unlike smaller investments, commercial real estate purchases usually require more capital, time, research and consideration.
If you’re considering purchasing property in South Florida for a new or existing business, you may want to hire an experienced property acquisition attorney to help you navigate the process and secure a commercial property that satisfies your corporation’s needs.
3 Steps to Take Before You Purchase Commercial Real Estate
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