A Legacy of Experience

Important questions to ask before you buy commercial real estate

On Behalf of | Aug 29, 2019 | Real Estate |

It can be exciting for entrepreneurs when they start looking for the property to house, establish and develop their business. Most business owners know that finding the right property takes time. After all, the location of a business can be a significant factor that impacts the business’ success.

During this process of looking for the right location, there are a few questions business owners should consider before they sign any agreements.

What kind of area is the property located in?

Business owners will want to choose a location that meets their specific needs. Therefore, they should consider things such as:

  • If this location is near the target population of their business; and
  • Whether consumers will have easy access to this location.

Entrepreneurs should also keep an eye out for any needed repairs or maintenance and ask the landlord about them before purchasing.

What kind of financial commitment does this property involve?

Finances play a significant role in the business world. That is why business owners must consider:

  • How this property will fit into their budget;
  • Whether they wish to purchase or rent;
  • What kinds of property taxes may be in place; and
  • How much they will have to invest in repairs.

What are the zoning regulations?

There may be zoning restrictions in place that control:

  • What the property can and cannot be used for;
  • How they must maintain the property; as well as
  • What changes landowners can and cannot make to the property.

Each city has its own zoning laws. For example, business owners looking for property in Bakersfield should review the city’s specific zoning laws. It is essential for business owners to review the zoning regulations of the area and ensure they are aware of whether or not they are amenable to their business plans.

What if business owners plan to purchase the property?

If business owners are going to buy the property with the plan to rent, they should be aware of their rights and responsibilities as a landlord. Additionally, all business owners must consider how much work they are willing and able to put into the property, and how much time they will be able to spend in caring for it.

This is an informative article and should not be viewed as legal advice.