Blog For Noob Random thought of a Noob Blogger
Finding the right base of operations for a growing company is never easy, and it doesn’t matter if you’re a startup or an established brand in your area whose operations have outgrown a previous facility. Between the care of costs, hidden obligations and additional expenses that come from customizing a space, and the unique nature of commercial real estate, the market is usually opaque to those who aren’t regularly participating in real estate investment. Luckily, there are consultants who specialize in matching your business with the best fit for your needs and budget, and it’s worth using their services when it’s time to find a new home.
New Construction? Legacy Site? Lease or Buy?
There are a lot of questions to sort out, and for some of them, a look at the market is in order before you make a final decision. For example, if there’s a tax incentive to buy land and put up your own building because of local development efforts, that could save you more than the additional costs over buying an existing industrial building that’s mostly set up for your business model. If you are buying an existing building, there’s also the question of whether you want to buy a site you can rehab into your ideal fit or one that’s turnkey-ready, allowing you to focus on just the specific details you need to customize to get started. It’s also worth looking at lease costs and asking if it’s the right time to buy industrial real estate West Orange NJ, or if you want to be connected to high quality lease locations instead.
Don’t Forget To Prepare Financing
It’s not as easy to get pre-approved for a real estate deal when you’re buying commercial properties as it is when you’re buying a home for your family, but you can make sure you have the additional reserves you need for a down payment in your budget, a clear idea of the programs that exist to serve borrowers like you, and a solid business credit score. That’s the best way to prepare for the application process when you start hunting for loans on a prospective property.
