As we recently discussed, buying commercial property means that you need to do your due diligence. This isn't always easy to do when you have your mind set on purchasing a specific property. We realize that you have your company's interests in mind when you are reviewing potential properties. Thinking about the possibilities may cloud your ability to notice if something is amiss.
When you are thinking about buying a commercial property, you need to look at the facts as they impact your company right now, as well as how things might affect it in the future. For example, even if you find a place that seems perfect, there might be something that will stop it from being the right one for your needs.
One thing that you need to look into is zoning. If the property is zoned for industrial use, there is a chance that you couldn't get that changed to a multi-family residential zone that would allow you to build apartments. The intended land use ordinances for the area will also come into the picture. Before you sign on the dotted line to purchase a place that isn't zoned or with the land use stipulations that you need, it is imperative for you to figure out how difficult it might be to get these changed in your favor.
Some other aspects that you need to consider for the immediate period and into the future include:
- Parking availability
- Size of the building
- Ability to expand
- Suitability of the location
We will be happy to look over things and let you know if we see anything you might have missed. We want to help you protect your company's assets so your business can thrive.