Your first purchase is critically important if you are looking to invest in the New Jersey commercial real estate market. Getting off to a poor start can deplete your investment funds and stick you with a useless piece of property.
You have probably already researched the process of purchasing commercial real estate, but that doesn’t mean you have nothing more to learn. Below are two factors to consider ahead of purchasing commercial property.
Commercial buildings and landscaping can look great but still contain problems. Never buy a property based solely on how it looks. Instead, get a comprehensive inspection of the property and its grounds to ensure it is a sound investment. A thorough inspection should uncover hidden problems like mold, asbestos, faulty electrical systems and other issues.
Location is another factor that can add to or detract from the value of commercial real estate. Whether you plan to open a business in the building, rent space to others or resell the property, you’ll want to ensure it is easy to access. Neighborhood crime rates, infrastructure and other location factors can also play a substantial role in property value.
These are just two things to consider before you invest substantial sums into commercial real estate. Other critical factors to consider before your purchase include financing terms, neighborhood market trends and zoning laws.
Protect your investment funds
When combined with professional guidance, due diligence ensures your commercial real estate purchase is a sound investment opportunity. It can also help to learn more about real estate transactions in your New Jersey location.