How To Choose The Right Location For A Commercial Real Estate

Posted by Ten-X Commercial on June 3rd, 2021

When buying commercial properties for sale, it is important to choose the right location. Choosing the right location for your commercial property is a time-consuming process that comes down to preference. But there are some tips you should consider to help you make the right decision and make the search process efficient. This will leave you feeling confident in the decision you make.

Name your priorities

You need to know your space requirements, budget and location preference before you start looking for commercial properties. This way, you will not waste a lot of time looking at overpriced properties, poor locations or the wrong size properties. You should ensure you know your credit score. The better your score, the more prepared you will be at negotiating and the more likely you can lease the space at the best price.

The outward appearance of the property

First impressions matter so the outward appearance of a commercial property is very important and it will make a great impact on your prospective and current customers. You should evaluate the feel and look of a property when visiting the site. If a building looks ugly or dirty to you then there are high chances that others will find the same building dirty. It is unlikely they will see the vintage can potentially give an outlook you were looking for.

Check the security

It is important to learn about the security of the neighborhood of the property you are considering and visit the site during the night and day. Do not make the mistake of seeing commercial properties for sale online and rushing into buying just because you think the property is cute. When you visit the property at night, check whether there is adequate street lighting. You should also check whether there are other businesses in the area and whether your business relies on daytime traffic. Make sure you check whether there are jobs in the area and find out all the answers to your questions when you visit. Do not forget to check the doors and locks of the property to see if they are in good shape.

Check for defects and areas of improvement

It is important to mark down the more expensive problems on the property. A roof that is poorly constructed is a large problem and bill compared to painting the walls. If the space seems excellent for business, you should consider all the improvements both small and big. Determine the level of difficulty and estimated repair costs. If the improvements and repairs seem to be costly then you should consider negotiating for lower prices or consider looking for another property.

Accessibility

When buying commercial properties for sale, it is important to consider the accessibility of the property. Check out the elevators, front lobby area, parking situation for the property and its surrounding area. Make sure the building is disability friendly. Check if there is public street parking and an onsite parking lot. You should ensure current and potential clients can get to the building with no hassle.