The benefits of purchasing commercial real estate are numerous: tax advantages, high profitability, growth potential, and more. However, identifying an ideal opportunity within this market can present several difficulties. So before buying a commercial property, inquire about the listing’s details, rehab needed, and renovation plans to ensure it is a wise investment. Then, let your commercial realtor negotiate a fair price for you.
For unparalleled advisory services that cover all your commercial real estate needs, turn to The Genau Group. Our dynamic and diverse team of advisors has 100 years of combined experience in the real estate industry. We can help you expand your investment portfolio or lease a property in Fairfax, VA. Call (202) 735-5382 today, and let us find the ideal property for your business.
Below, we review the questions to ask before buying a commercial property:
1. Why Is This Property Being Sold?
First, would-be buyers must ask about the motivation behind selling a commercial property. This straightforward question can unveil valuable insights into the property’s strengths and weaknesses, as these concerns will impact your potential ROI. For example, if the previous owner lists the property due to business underperformance, it may indicate challenges with the local market.
Additionally, asking this question helps your commercial realtor negotiate the property’s price. By clarifying the seller’s reasoning, you can make a more informed decision on your potential investment.
2. Does the Property Need Repairs?
Budgeting for a property‘s current and future repair needs is integral to making an informed investment decision and safeguarding your financial interests. Like residential properties, you should have an appraiser and an inspector conduct thorough assessments of commercial buildings before investing.
Commercial real estate is subject to stringent operation standards. Therefore, carefully note any repairs you need to meet these rules. Moreover, maintaining local regulations may require additional expenses down the line.
3. What’s the Future Look Like?
Asking your commercial realtors about pending or anticipated building plans in the area can help you predict the long-term viability of your property. So, gain ample foresight into the area’s future development plans to provide a clearer picture of your commercial property’s potential.
Your property’s business may rely on easy access for stakeholders and limited competition. If a new Metro station is nearby, customers and employees will have a convenient means of transportation. On the other hand, plans for a new commercial complex near yours may invite competition.
Buy a Commercial Property with Professional Help in Fairfax, VA
With help from an experienced commercial realtor, buying a commercial property in Fairfax, VA, can be easy. For such assistance, look to the real estate professionals at The Genau Group. Our clients enjoy the process of commercial real estate investing and benefit from the sincere, long-term relationships we foster with them. Call us at (202) 735-5382 today to learn more about our full range of services.