FAQs for Business Owners Considering Buying Commercial Real Estate

Your business is thriving. You may even be looking to expand your current location. Before you do, you may have a few questions about commercial real estate. Questions like…

Do I Really Need to Work with Professionals?

You may be thinking of cutting your expenses by cutting out agents, brokers, and other professionals. Before you decide, make sure you are aware that there are a lot of steps involved with commercial real estate transactions and countless tiny details. Going it alone increases the odds of missing one or making costly mistakes.

What is The Difference Between an Agent and a Broker?

It’s helpful to understand key differences between real estate brokers and agents. Then you will have an easier time deciding which one you may need.

How do I Find Reliable Contractors to Help with Repairs?

Unless you plan to invest in real estate property that needs no repairs or upgrades, you may also want to do some homework on how to build your professional real estate team.

Could I Just Run My Business Out of My Home?

The answer to this question is a highly cautious “maybe” because running a business out of your home comes with some requirements you may not have considered yet. Without doing things by the book, it can even be illegal. Here’s what you should know:

•  There could be additional costs to operate out of your home. For instance, you may need additional insurance if you go with this option.
•  It’s important to protect your personal assets, including your home. This is why you might consider creating an LLC for your business.
•  Special permits may be needed in order to operate a business out of a residential property.
•  Aside from these additional considerations, there are other potential disadvantages to running a business from home, like losing out on the all-important work-life balance.

What Should I Look for in Potential Commercial Properties?

If you decide investing in a separate space for your business is a good idea, there will come a time when you’re ready to start looking for potential properties. Here are a few key points that could be helpful:

•  Investing in commercial property is a major financial commitment. Before you start looking, carefully consider your motivations, business needs, and financing options.
•  One way to open yourself to more options and reduce some of the hassle is to consider investing in turn-key properties, which are remodeled and ready to go for your business.
•  It’s also important to weigh your options in terms of purchasing or renting a commercial real estate space for your growing business. There are pros and cons for each.

Investing in commercial real estate can be a practical way to accommodate your rapidly expanding business. It can even provide an additional revenue stream, depending on what sort of property you choose.

Written by Derek Goodman, inbizability.com
Edited by Amiee Mueller

Photo Credit: Pexels

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