10 tips for buying your first commercial property.
1. Determine your investment budget and your return goals. I.e. what can you afford to buy and what can you afford to lose?
2. Study and investigate the current state of the commercial property market – do your homework and learn the ins and outs of the current market!
3. Research the area and find a Surveyor you trust.
4. Learn the jargon, it will help you feel a little bit more in control
5. Know what type of property you want to invest in and what area you want it to be in
6. Make sure the property is right for the business. Old buildings, whilst beautiful, can be money pits when it comes to maintenance.
7. Set realistic objectives. Keep your goals in mind, know how you will purchase, study the market and be patient
8. Get your financing in order, from savings, banks, mortgage companies, building societies or more creative funding such as earn-outs all can be options, and all will depend on your goals.
9. Examine your own experience, commercial property is complicated and any experience you may have should be relied upon!
10. Examine all possible avenues of Return on Investments, can you sell signage space to other local businesses?