Legal Advice During Challenging Times

Getting prepared for a commercial real estate deal

On Behalf of | Dec 5, 2022 | Real Estate Law |

If you’re looking for new premises for your business, or are in the process of scaling up and need more space, you may be thinking of buying some real estate. 

As a business owner, you’ll know the importance of doing your research before you make any big decisions. Carrying out proper due diligence helps you to make sure you’re getting the right space you need, for the right price. 

Here are some things you should be thinking about when buying real estate for your business in New Jersey. 

Know what you want

It sounds simple but it will help to narrow down your search if you have a good idea of what you’re looking for. If you have very specific needs for your business, it’s going to limit the options available to you. It can help to make a list of things that: 

  • Are essential and you won’t compromise on 
  • Would be nice to have but you can live without 
  • Things you absolutely don’t want, or any locations you don’t want to be 

Have your financing in place

There’s nothing worse than finding your ideal location only to find it’s totally out of your budget. It’s a good idea to speak to a lender before you decide on a piece of commercial real estate to get an idea of a figure you can borrow. This will then heavily influence your property search. 

Once you’ve found the right place that’s within your budget, the lender will work with you to discuss interest rates and an affordable monthly mortgage repayment amount. 

Seek some guidance

Even if you’re a property expert yourself, it’s always a good idea to have people you trust in place when you’re on the lookout for commercial property in New Jersey. 

Hiring a real estate agent takes away the stress of looking for properties on your own. You can tell them what you need and they’ll come back to you with options. They’ll then work for you in negotiating the best possible deal they can on the price and terms of the purchase.

You should also seek the help of a legal professional who can help you navigate through all the paperwork and make the property buying process as smooth as possible.