Buying a building can be a great investment for any business. Not only will you have a stable place to work and operate out of, but you could also build equity for your company. When you are looking to purchase a building for your business, there are five important things to consider to make sure you get the best property possible.
Once you are ready to start looking for a building, you should first consider whether there is any need for mold remediation. Mold in a building can be very hazardous for someone’s health and can also lead to further issues down the road. Because of this, you should consider having mold assessments completed and having it remediated if any mold exist.
For any commercial property, having a well-located building is very important. When you are looking for a commercial building, you should try to find one that is convenient for customers and employees. This will help to ensure you are able to attract new business and keep your staff happy as they will have manageable commute times.
As you are looking for a building for your business, you also need to make sure that you get one that is the right size. You not only need to think about the size of the building that you need today, but you should also make sure that you have space to expand if growth is needed. If necessary, you could always lease the additional space until you need to use it.
If the building is located in a commercial building association, there could be a wide variety of rules that need to be followed. Furthermore, you may need to pay additional association fees if you are a member of it. Because of this, you need to make sure that you spend time reviewing association documents to make sure you understand the responsibilities that come with membership.
The condition of the property also needs to be carefully assessed. During the property purchase diligence, you should have a general property condition report and an environmental review completed. These will help to give you insight into whether there are any physical concerns or if there are existing environmental issues.
Buying a building for your business can be a great investment. When you are doing this, you need to carefully consider what you want out of the building. While you may not be able to get everything, you need to make sure the most important points are covered.