Crucial Steps to Your First Commercial Real Estate Purchase
The process of purchasing your first commercial property can be both exciting and rewarding, but there are several important steps to keep in mind before you finalize your deal. Meeting with a Fort Lauderdale commercial real estate lawyer is a good decision before you start searching for your first commercial property, as just a single misstep can end up costing you significantly. Below are some steps to consider as you go about searching for your next commercial real estate purchase:
Know your situation and your goals
It may seem obvious, but you should ask yourself several questions about your particular situation as you search for your first property and clarify your goals:
- What type of location/neighborhood are you looking for?
- Do you really need to buy the property or is leasing a potential option as well?
- Are you intending on using the building for your own venture, renting it out, or building equity?
- How much time do you have to manage the property and do you need to hire a property manager?
- If you choose to rent it out, are you willing to handle the responsibilities of being a landlord?
Your attorney can help you determine whether or not a particular property will meet your goals once you’ve answered these and other pertinent questions, and your attorney can also help determine if there are any questions you may have overlooked.
Consider many properties
It’s a good idea to consider as many potential properties as possible as you look for your first commercial real estate deal. The importance of location can’t be underestimated, and of course you’ll want to find a great property in the best possible location that is within your budget. Your attorney can help you narrow down the particular properties that will work best for your investment goals.
Gather the experts that you’ll need
Along with an experienced commercial real estate attorney in Ft. Lauderdale, you’ll very likely want to gather other experts who can help you find the perfect deal. You’ll need an experienced commercial real estate broker and often an accountant as well. If the property is more complex you may need to hire other experts like engineers or environmental specialists. In any case, the more advice that you get from experts with experience in the Fort Lauderdale commercial real estate industry, the better the chances that you’ll close on a great investment the first time around.
Mark Schecter can give you detailed advice on any aspect of your planned commercial real estate deal. For a consultation, call Schecter Law today at (954)-779-7009.