The commercial real estate (CRE) industry like any other industry can experience fluctuation; however, CRE still proves to be a stable investment. If you’re considering entering the CRE world, here is what you should keep in mind.
Should you own or should you rent? This factor can be dependent upon a variety of things. Each property will vary, but consider things like taxes and other financial matters before purchasing can ultimately help you make the correct decision. Although renting may seem smart, often buying is better for long-term investments. Talk to one of our Century 21 agents to see what option may be best for you.
Think pros and cons
Similar to thinking long-term, weigh all the positives and negatives this purchase would perhaps give you. Does it offer any tax advantages? Is there a lot of repair or renovation needed? The questions can go on and on, but having a thought out list of the benefits and drawbacks to purchasing this commercial property can fine-tune your thinking and provide you with the best decision.
Gather an experienced team
Now you think you are ready to invest? Next, comes the support. Choose the appropriate brokers, lawyers, accountants and company you need to help ensure you’re making the best moves for the investment. Also, ensure the experienced professionals examine the space or land thoroughly.
Think ideal property
With trends always varying, it is important to consider if the property you are interested in purchasing is the right fit for the current and long-term status of your business or company. Make sure the location of the real estate is attainable, and all the aligning services that business may utilize are easily accessible as well. Location, size, structure and local laws are all valuable things to keep in mind.
There are a variety of things to consider before buying commercial real estate, but you don’t have to do it alone. Contact one of our Century 21 agents to discuss your needs.