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Selecting a new business premises is a make or break decision in the life-cycle of your enterprises. Real estate investments, no matter if you’re buying or renting, are nearly always long-term commitments, which have the potential to cost you dearly.
Any acquisition on this front requires thorough research and a level head, whether you’re looking for office spaces or a shop front. Here’s an introduction to property investments for businesses and everything you’ll need to consider before making one.
Create a Robust Budget
Though budgets are far from thrilling, they are the foundation for any successful property purchase. While the initial costs are substantial, the overall price of the purchase or renting agreement includes much more. A comprehensive budget, at the very minimum, should involve the following:
- Property tax
- Insurance
- Potential renovation costs
- Attorney payments
Location and Accessibility
The age-old saying, “Location, location, location,” will always ring true when searching for some real estate for your business. There’s so much to factor in when choosing a location for your operations, and where you place your priorities will depend on the type of ship you’re looking to sail.
Some things to factor in include:
- Accessibility for staff, target audience, and suppliers
- Trends in the local real estate market
- Neighboring businesses/Competitors
Remember, no matter how perfect the building is, if the location isn’t suitable, your investment will be made in vain.
Zoning Laws and Land Regulations
Zoning laws and land regulations define the use of the space and land which comes with a specific purchasing or renting agreement. Whether you are looking for a commercial or industrial area, it’s best to familiarize yourself with the local zoning laws to confirm that your activities will align with the designated zone.
Disregarding this step could lead to potential legal technicalities, complications, and setbacks. And because disputes in this area are often nuanced, seek the assistance of a Zoning Lawyer if any complications arise.
Infrastructure and Utilities
Before rushing into any deals be sure you conduct an evaluation of the building. From examining structural integrity, whether any renovation or repairs needed to verifying the availability and reliability of essentials like water, electricity and HVAC systems, make sure everything is accounted for.
For this one, it is always best to check the property thoroughly in person and, wherever possible, bring in a professional for a survey of the building. Completing this step properly prepares you for any maintenance needed upon moving in, and, if there is a lot that needs fixing, sellers sometimes will adjust the price to your needs.
Final Thoughts
Investing in physical premises for your business is a tall order and challenging to get right, so make sure you do the correct research and take your time making a decision. From infrastructure to laws and regulations, there’s so much to consider, but if you do things properly, as long as all else is in order your business will thrive.
If you’re looking to evolve your business in areas other than property acquisition, here are some tips that will help you find things that need changing.
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