Finding the perfect office space for your small business can sometimes feel like looking for that elusive needle in the haystack. Especially in competitive real estate environments, it can be difficult to find the location that most suits your small business needs. But there are ways to make the process easier…
- Scan the Real Estate Climate
In order for you to nab that great deal on an awesome property, you’ll need to stay in the loop on your community’s real estate climate. You can do this by attending open houses, talking to local sellers and buyers, and finding out what people are saying about the area and its prices. This is how you’ll find out firsthand about dips in the market, increased competition, and any other factors that may influence your buying decision.
- Think Like a Pro
If you want to successfully find the perfect property for your small business, you’ll have to think the way the professional sellers do. This means understanding the differences between commercial property and residential property. The price of commercial real estate is directly influenced by the square footage, while the same cannot always be said for residential homes. Also, keep in mind that commercial leases last longer, so be prepared for a long-term commitment once you put your name on that document.
- Have the Money Prepared
If you’re seeking a commercial real estate loan, keep in mind that if you have more cash in hand to put down right away, lenders will be more interested in you. While it is possible to find lenders willing to lend you funds for just 10% or 20% down, you should be prepared with at least 30% if your credit history is not ideal. This will help lenders rest a little easier when signing a loan agreement with you. Biz2Credit connects small business owners with willing lenders.
- Have the Eye of a Landowner
When analyzing properties, you should adopt the critical eye of a landowner. Are you looking at a great deal or a money pit? Keep a lookout for things that will cost you money down the line, like expensive repairs or old plumbing. These must all be taken into consideration when you make the decision about which property to buy. Remember that even if you save some money upfront, you’ll be spending more money in the future on older, more beat-up properties.
Finding the commercial real estate that most suits your small business can take a long time, so be sure to give yourself months to close the deal. Don’t start looking right before you need to move out of your home office! This isn’t a process that can be rushed. If you’re looking for a commercial real estate loan to help finance your purchase, be sure to visit www.biz2credit.com for guidance.