Many real estate buyers may show a lot of interest in acquiring commercial properties for the right price. Before these purchasers even consider making such an investment, there are certain factors they need to consider in order to get the best lucrative deals. Commercial properties tend to be more expensive than residential buildings. They need to verify the current value of buildings they intend to acquire before making any deal. For this, they should have adequate, up-to-date knowledge of the real estate market and current property prices. Otherwise, buyers may end up spending more than they actually need to in the deal.
Travis Cadman – What should real estate buyers consider when acquiring commercial properties?
Travis Cadman is a well-known name in the Canadian and American real estate market. He is a property investor and developer with almost 30 years of valuable experience. He is presently one of the directors of Investar USA, a prominent real estate company in the country. Along with his brother, Ron, he has been responsible for successfully developing a wide range of property ventures. These include commercial buildings, high-rise apartment buildings, and multifamily constructions. He has in-depth experience in buying, developing, and selling properties in land banking schemes. To date, he has been able to build and sell almost 2000 residential houses to elite customers across the nation.
Travis Cadman points out that buying the right commercial property can be an intimidating experience for first-time investors. This is because most of them do not have adequate knowledge of the real estate market. Fortunately, they can make the right decisions by keeping in mind the following three tips:
- Review the property’s location
Real estate buyers should first review the location of the commercial properties they intend to buy. Properties should have good amenities, transport facilities, and connectivity to major roads. They should inquire about current and future development plans from the local municipal authorities.
- Assess the possible uses of the property
Real estate buyers acquire commercial properties for a reason. They intend to use the buildings for their own businesses or lease it to other companies on rent. This is why they should review the entire layout of the property in addition to their location. Only then can the investors assess the possible business uses of the property and whether it is worth investing in.
- Look into tax, structural and ownership issues
Before buying commercial buildings, buyers should look into pending tax, structural, and ownership issues relating to the property. If these problems exist, the buyers should think about acquiring the property. This is because they may end up spending more money resolving these problems. It is prudent for buyers to hire qualified experts like accountants, civil engineers, lawyers to assess these issues.
According toTravis Cadman, buying suitable commercial properties can turn out to a worthwhile investment for many real estate purchasers. In doing so, they should review the location of the buildings and assess their layout. Moreover, the buyers should ensure these properties have no tax, structural, and ownership issues. Only then can owners get value for money when investing in these properties.