Buying real estate can be a daunting task if one does not know much about the real estate game, especially if the real estate is for commercial use. With just a few tips and pointers buying commercial real estate does not have to be such a dreaded task. Jared Londry suggests that first you determine a solid business plan for the the business that will be inhabiting and providing for the commercial dwelling that you are investing in. Since this is not an article on business plans, please seek a business professional for that specific matter, but if your searching for insight into how to acquire commercial space you are in the right place.
First things first, you must determine how much space you will need for your business, or if you are planning on renting it out, how much will you rent it for and will it cover your costs to mortgage it each month. If you buy a commercial space and renting it out is your intention you must determine whether a few extra hundred bucks a month is worth the hassle and risk. The amount made on renting it out should be a substantial amount to cover mortgage costs and possible repair cost, hence, you should be making a profit not sinking into a money pit. When buying commercial real estate to conduct business Jared Londry proposes that you determine the necessary space you will need either to administer your skills or display your product with minimal obstruction.
The best thing one can do is read read read. Learning local market prices and economy is a must. Overpaying for a space can determine your demise before you even began, so get an agent you can trust. Never jump into anything unless you are certain you can pay for it, and most of all seek much advice, for a person with many advisers is a wise person. The best thing you can do is learn everything extensively before you get into it. You can always decide not to get into it, but its much harder to get out of it once your already in. For that reason Jared Londry lives by this quote and so should you “Failing to plan is planning to fail”. Good luck and happy purchasing!