Buying and investing in commercial property is an excellent way to diversify your portfolio while further building your wealth. However, buying commercial property can be complex especially if it’s your first time.
In this blog, we’ll outline some key things to keep in mind when buying your first commercial property.
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Things to keep in mind when buying your first commercial property
Outline your investment goals: From the very beginning, clearly define your investment goals and do your research into what kind of commercial property you want. Whether it’s office, retail, or industrial space you want to buy, first determine if the acquisition fits your financial goals/needs.
Get advice: Buying commercial property is a long and complex processing, meaning you will want the help of a real estate agent. An agent can give you valuable market insight, show you multiple properties, and help negotiate a good deal for you.
Due diligence: After you’ve found your ideal commercial property, you need to perform due diligence on the property. This involves inspecting the property, reviewing the financials, pending legal matters, permits, and any other issues that could hamper it.
Long-term vision: Look for property that can provide you long-term growth and opportunity to scale if necessary. Take an in-depth look at the surrounding neighbourhood and analyze economic outlook.
Financing: To secure financing once you’ve selected a property, weigh all your options and meet with multiple lenders. Review their terms, interest rates, and other important details.
