Commercial Real Estate
Tips for Buying Land for Commercial Real Estate
If you’re looking for local commercial real estate, you may not always find the building that’s perfectly suited for your business’s specific needs. Finding the right spot for your next commercial real estate venture can be a tricky endeavor without the right agent by your side. A land transaction is a complex one, and that’s why you need the expertise of a local commercial real estate company. Here are just a few things to consider before you decide to purchase land for your business:
You’ll need to think about the development potential of the land in terms of size and usability. Will the land be large enough if you ever want to expand? What about location for your customers and/or employees? Don’t purchase land for your commercial real estate just because it’s a good deal. Always make sure that it has the right potential, so you can envision your property there long into the future.
In addition to the land itself, you’ll want to consider the cost to develop the land. Between permits, building costs, taxes, and other expenses weigh the pros and cons of buying land for your commercial building and simply purchase a pre-existing one. In most cases, development costs more, so it’s a matter of how much money you’re willing to invest.
Any time you purchase land and build on it, there will be a swath of zoning regulations to adhere to. A commercial real estate agent can walk you through the process and ensure that you’re in compliance with your locality’s zoning regulations ahead of time, so you’re prepared.
Of course, there are also some environmental regulations that must be adhered to. All of these things go into developing land, so make sure that you’re getting the absolute best use out of your investment before you decide to buy a piece of land.