Buying commercial real estate – what you need to know

If you’re thinking about buying commercial real estate in Clarksburg, Fairmont and Bridgeport WV, there are a few things you should know about the process. Even if you’ve bought commercial space before, a refresher course is never a bad thing. Here are a few tips for your next purchase:

  • Have your financing in place: Don’t even think about looking at any office space or warehouses until you know your financing is in place. Talk to your mortgage broker, financial advisor or lending institution to be clear on how much you’re going to be able to afford.

  • Hire a commercial realtor: Right now, you don’t need a realtor who has sold over 100 homes in the past year; you need someone who has done 100 commercial deals. Hire the right realtor for the job to avoid misunderstandings and potentially disastrous consequences later on.

  • Location, location, location: This is one of the most important aspects of your business. If you’re looking for office or retail space, pick a location that is easily accessible to clients and customers, and has plenty of parking. If you’re looking for an industrial or warehouse type of building, make sure it is accessible to major highways so delivery trucks have easy access.

  • Know the tax implications: Talk to your accountant and let him or her know that you’re going to be acquiring some commercial real estate. They can help you with some of the complexities of the deal.

  • Optimize your layout: Whether you buy an existing building or you’re planning a major renovation, layout matters for operational efficiency. If you’re not sure how to do this yourself, hire an operational efficiency expert to help.

Buying commercial real estate in Bridgeport, Fairmont and Bridgeport WV can be a simple process if you follow the above tips. There is no such thing as planning too much or being too cautious. For more information, visit Homefinders Plus.

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