Here at The Mortgage House, we help all kinds of people get commercial loans in Buckhead and the surrounding areas. When it comes to your business investments, you want to be sure of your decisions before you make them. Few purchases are as big as a business property, so it is important to do your due diligence to make sure the properties on your list meet your needs. Here, we would like to go over some tips on buying commercial property.
Types of Commercial Real Estate
There are all kinds of businesses out there; it is important to understand the needs of yours as it relates to your building. Commercial real estate refers to any property that gets used for business needs, even if its technically a residential area. Here are some of the general types of commercial real estate:
- Retail: Retail properties are generally what you will find in shopping centers, and are usually leased out to commercial tenants. These include malls, strip malls, convenience stores, grocery stores, etc.
- Residential: It may sound like a misnomer, but residential commercial properties are residential properties that are used for business. These can be an actual owned home, a rental home, a rental property, etc.
- Hotel: Hotels and motels generally have a different layout than other commercial buildings, and so get their own separate property category.
- Office: These are the classic work spaces for business, especially businesses that aren’t client facing, or solely client facing. These will likely be in a commercial area.
- Industrial: Anything to do with manufacturing, or storing and delivering, is going to be in the industrial property category. These buildings require wide open spaces for easy storage and movement.
- Land: Both developed and undeveloped, or raw, land can be used for commercial purposes. Often this is for livestock or farming, but there are many other financial uses for land as well.
Are You Using or Renting Out?
If you are getting commercial property to use for your business, you are going to need to tailor your decision based off of your specific business’ needs. But, if you are buying it to rent out to other business owners, then it might be a better idea to choose a building that can accommodate a wide range of business needs. If you are planning to rent out the property, make sure you consider the costs of property management before making a decision.
Even if you find a property that you think works well for your business, it is important to go through all of your options to make sure you’re not leaving a better option off the table. If you are finding the perfect buildings, the perfect amenities, but can’t seem to find an affordable price point, it may be a good idea to start looking at different locations with the same types of buildings. While sometimes having too many choices can be overwhelming, when it comes to a major purchase like a commercial property, you want to compare every little detail. That means gathering as much data to make comparisons as you can.
Hopefully these tips will prove helpful on your search for a new commercial property. If you are looking for commercial property in Atlanta, we offer commercial loans in Buckhead, Fayetteville, and Duluth. For more information about how the financing process works, or whether financing a commercial property is the right decision for you, please do not hesitate to give us a call at your earliest convenience. One of our friendly and knowledgeable representatives will be happy to answer any questions that you may have. We look forward to hearing from you!