Interested in buying commercial property in Cleveland? Buying property for your business can easily feel like a monumental task, but there are ways you can narrow your focus to make the process easier for everyone involved. To make this perceived mountain of a goal into a molehill, here are 5 things you should know about buying commercial property in Cleveland.
Shop for Your Needs
Looking to purchase commercial property begins the same as buying a home to live in: You have to establish your needs and do your best to discover the property that will tick all of those boxes while remaining within your budget.
A deciding factor for the success of a business within a commercial property in Cleveland can depend on its location. Whether the location is judged based on proximity to residential areas, the potential for walking traffic, or even the other businesses surrounding the property, location is sometimes more important than what the business itself offers.
An often overlooked scenario is a business gaining an image by being associated with one of its neighboring businesses. Take a look at the bigger picture in determining which of the available commercial properties will best fit your needs, and pursue those with a more critical eye.
It Takes a Team
Depending on the magnitude of your goals, you may want to reach out and find others to help everything run smoothly.
No matter how big or small your commercial property buying venture, hiring a commercial real estate agent and consulting with a commercial real estate attorney is a must. Both of these contacts will have years of experience under their belt to help you find the right property for the right price, avoid possible legal pitfalls, and then cut a deal benefitting you and closing the transaction.
Next, a mortgage broker or investors will likely be necessary to secure financing, unless you’re coming from a position of substantial economic liquidity already. If you’re working on a larger project, an accountant could lend a hand in determining the financial viability of any interesting properties, and help specify the most profitable locations by the numbers.
Accessibility Is Key
Where your property is located gets the ball rolling, but how customers and employees get to your door is the next piece of the puzzle.
Most commercial real estate agents will tell you that ample parking is king, but ensuring access to foot traffic and providing ramps or lifts can make a big difference as well. Before you jump on a cheap listing, turn a critical eye to how a member of the disabled community may interact with the property, and determine if that is within reasonable means.
Put yourself in their shoes while viewing the property to figure out complications that could arise, attempt to brainstorm simple but effective solutions, and it could pay dividends later.
Mind the Fine Print
When purchasing any property, it’s very easy to get fixated on the negotiated asking price and forget to factor in the additional major expenses: Taxes and insurance.
This is where an accountant will always have your back, but making sure to obtain the most recent tax records and get an insurance quote can prevent you from facing any nasty surprises down the road. Be careful to pay attention to the possibility of needing any other supplemental insurance, such as flood insurance, due to geographic details.
Take into consideration that the commercial real estate market has a tendency to maintain value even though some of the worst economic conditions.
With this nearly guaranteed stability, expect a more difficult time talking an owner down in price without substantial leverage. This is why it’s important to thoroughly research and view any property in which you are interested.