As an investor, there's a lot to consider about any given commercial property before you buy it. With a seemingly endless number of variables to take into account, you can certainly feel as though you're getting "analysis paralysis."
With that in mind, we have a few suggestions of things you will want to prioritise in your decision-making process, so that everything you look at leads you to the right choice based on your wants and needs:
The age-old adage in real estate is "location, location, location." But what some people fail to consider in that regard is how it relates not only to other people or businesses, but also to critical infrastructure, according to Smart Property. If you're buying an office building, for example, you may need it to be near mass transport or major roadways. For warehousing or manufacturing companies, it may be ideal to be located near more than one highway.
Along similar lines, you may need to think about what kind of tenants you're hoping to attract to your new investment property. Are they big biotech companies? Small logistics startups? In general, you should have a pretty clear picture of the type and size of business you are hoping to attract, so that you can accommodate their needs and — more to the point — make your property appear as attractive as possible to those firms specifically.
Obviously the cost of a property will be something you think about, but you might also want to consider how the price you pay affects prospective tenants. Mighty Recruiter added that you should strive to strike that just-right balance between what you paid and what you'll charge for rent. You certainly want a good return on your investment, but you don't want to get into a situation where the kinds of companies you're looking for in a tenant are effectively priced out of being able to occupy your space.
Especially if this will be your first time buying a commercial property, it's important to have a professional on your side. Get in touch with the experts at Ray White Surfers Paradise today to learn more about how we can help you through every step of your purchase.