Buying a commercial property is different to buying a piece of residential real estate – where the property is being used for a completely different purpose; and, the buyers are a different audience with particular needs. With that in mind, here are the features that one should look for when going out to purchase commercial property.
Where is it located?
Location is often held up as the most important element when it comes to buying a property, and it’s no different when using it for commercial purposes. You want a location that’s convenient, close and easily accessible for shoppers. The more visible you are, the more likely your property is to have a steady stream of customers.
You’ll also want to match your business to the particular location – you wouldn’t place a manufacturing firm in a shopping mall, for instance.
Things such as transport lines, presence of amenities such as offices of schools are both helpful points to take into consideration – with high chances of shoppers making detours on their daily and or routine commute.
What are the rules and limits?
Building codes and zoning regulations are always different depending on the location of the property. For example, you may not be able to make certain additions, renovations, and or expand the property.
You’ll want to check what sorts of limits they set on a property before you buy it, and whether or not they interfere with any future plans. After all, you don’t want to be knee-deep in an investment loan for a commercial property before you find out there are severe restrictions on your goals.
Is there enough parking?
Inadequate parking can be an inconvenience at best, and a store-killer at worst. It’s all about accessibility – you want customers to be able to easily get to your business or, if you’re talking about an office space, you don’t want to inordinately inconvenience employees.
As well as regular motor vehicles, you’ll want to make sure the property is accessible for disabled persons. If not, you could find yourself running afoul of the law. More than this, it’s just good business sense – as the Australian Human Rights Commission reminds us, nearly 4 million Australians have a disability at present, a number which will only get bigger as the population ages. All of these individuals are potential customers.