5 tips for buying commercial real estate

Purchasing commercial real estate is often the largest and most time-consuming transaction a business owner will ever make.

That’s why it’s essential to make sure the purchase is well-researched and planned so it meets the needs of the company while maximizing shareholder wealth.

It’s never too early to start planning. Whether the purchase is six months or 10 years away, today is the best time to start planning as part of your overall business strategy.

Assemble a team of advisors

These advisors can, in turn, lead you to other experts including lawyers, appraisers, building condition inspectors, contractors, and environmental and geotechnical engineers.

Tips to keep in mind

1. Find out what kind of a building you need for your operation

2. Do your homework on construction companies

3. Pinpoint “must-haves” to operate your business efficiently

4. Consider what additional capital purchases will be necessary

5. Budget for the preparation of your new location

Don’t forget to account for time

A long and distracting construction or renovation project, plus a move, can take a heavy toll on a business.

Business owners often have no idea how much time it can consume and take their eyes off the business. That’s why it’s important to plan with the help of seasoned advisors.

Elijah Agor, an advocate for vulnerable adults, writer, and a chocolate chip cookie connoisseur.

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