In some cases, what you look for in private and commercially real estate are diametrically opposed. For example, when you are looking for a home, you may be willing to pay more to have fewer neighbors, a larger yard, and, in general, more privacy. On the other hand, when you buy a commercial property, you should be willing to pay more for a nice, public, noticeable, easily accessible location. As a first-time purchaser, you need to pay careful attention to location, but you also need to make sure you know how much is too much to pay for a property.
It's a basic tenet of business that it is hard to do any business if no one can find or access your location. The best commercial properties are the ones that are easily accessible and visible to drivers who are traveling down the road. Buying or leasing in a proper downtown or business district is usually the best option for making sure people see your storefront and can access it. On the other hand, if you buy a property that is not around a lot of other businesses, look for a business at a busy intersection or at the outlet to a neighborhood. Such a location should ensure that you still get a good flow of business.
As a first-time business owner, visibility should help to generate business, but you will not have the name recognition and trust that a large brand will have. Because no one knows who you are, business might be slow until you can generate some return customers and a large group of faithful customers. Thus, you need to be careful that you don't pay so much for a property that you don't have money left over for other expenses. As a general rule, you should try to keep your property costs at around 10% of your business income. While this may be difficult in some areas, you should still try to get as close to 10% as you can.
There are many nuances to buying a commercial property. The challenge of buying a visible property at the right price point is just one. If you are new to business, a good commercial real estate agent can help you to make sure you get the right property for your budget. Even if you are well versed in business, a good agent can help you to get a deal on property that you would be unable to get on your own, so it is always a good idea to hire an agent to help you find and secure a commercial property. contact a company like Baddour And Associates Commerical Realtors to get started.