Commercial real estate has grown over the years and it is considered as one of the best investments anyone can make in their lifetime. Real estate emperors like Trump and Branson built their success on this lucrative yet risky venture. It?s also a very great investment for business owners to purchase their own commercial property.
If you?re a business owner and you?re planning to invest in commercial real estate for the first time, here are a couple of things that you need to know about.
The different kinds of investments
Basically, there are two types of real estate investments: commercial and residential. Each of these types of invesments also has different classifications:
- Multi-Family: apartments, motels, condominiums and single family residences
- Industrial: manufacturing outlets, industrial storage, garages and plants
- Office: spaces used for office purposes
- Retail: Shopping malls, boutiques, and other income-generating businesses.
Factors involved in the decision
After determining which kind of investment to make, it?s time for you to consider some factors before deciding on pushing through with your purchase:
1. Financial goals and requirements: As a business owner, you need to determine your company?s goal in the investment. First, determine the purpose of the property. Are you going to occupy the property? Or probably rent or lease it out to other business owners? Or perhaps resale? Then, you need to determine how much the property costs and the possible return of investments you?ll be making after the purchase.
2. Location: A property?s location is also an important factor, especially for commercial properties. Real estate properties, regardless of residential or commercial purposes, tend to be more expensive than other properties because of their location. Simply put, a commercial or residential property can be a little more expensive if it?s close to the city or has easy access to different areas like malls, hospitals, and the downtown area.
3. Ownership: If you plan on taking a co-owner for your commercial property, you may want to consult a real estate lawyer. This is because ownership privileges vary, depending on the State you?re residing and on the number of co-owners. Another reason is that there are different kinds of real estate ownership that can provide you with different benefits as well as legal precedence.
You can?t rely on the Internet to provide you with all the information about purchasing commercial real estate properties. Consult with your local real estate lawyers and agents to get the real scoop behind these investments.
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Source: http://restlessvagabond.com/important-information-for-first-time-commercial-property-buyers/
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