Selecting Commercial Real Estate for a Potential Business

Congratulations! You have a great idea for a new venture. You’re ready now to turn this idea into a real brick-and-mortar company. The next step is to pick the location.

There are a number of things about your business that are determined by where it is. Competing businesses, workers, expansion room, zoning, and renovation all play an important part in your ability to turn a concept into a profitable enterprise.

Most owners try to choose commercial real estate in an area where there will be the most exposure to potential customers. While your ability to attract people to your store is important, there are other, less obvious factors that also need to be considered.

Competition

Situating your new venture within sight of a competing outlet is a risky move, one that most owners don’t wish to take. Customers tend to go with what they know, which, in this case, would be the more established business. You would have to work extra hard to win them over to your storefront. Instead, placing an outlet in an area where there aren’t as many ventures like yours is a great way to stand out and attract new, loyal customers.

Room for Expansion

Your initial idea might call for a small storefront, but it is always a good idea to have room for an upgrade down the road. The alternative-moving your business to another location-can potentially drive away customers and hurt sales. Having the ability to add storage, table space, or sales floor space quickly can bolster your business.

Zoning

Zoning can be a big hurdle for potential new companies. Zoning is the local government’s authority to control the use of the land within a certain area. Each city is different and has its own unique zoning laws. Potential bar and club owners should be the wariest of zoning laws because these industries have strict regulations in most cities.

Renovation

Few pieces of commercial real estate come “move-in ready.” There will be a fair amount of renovation involved with any building in order to fit it to the needs of your business. Even so, there are some buildings or spaces that are better adapted to the needs of your venture. Consider how much of your budget you can devote to making the space your own.

Government/Economic Incentives

In some areas, state or local governments offer different loan, tax, or other financial incentives to create a certain type of business. Location often determines whether you qualify for any of these programs. Government assistance can be a big boost to a fledgling company, providing needed backing without having to deal with private investors.

As you get into the final stages of selecting the perfect piece of commercial real estate, it could be to your advantage to contact a local commercial real estate company. This agency will have a clearer picture of what sort of financial support you can expect from the community, it can also give you more insight into the market, and it can be a useful ally in closing a deal once you’ve settled on a prime target.

Things to Consider When Searching for Commercial Real Estate

When investing in commercial real estate for business, being prepared for the property search can prevent making any hasty decisions that may impede a positive return on the investment. The following are some helpful things to keep in mind when looking for commercial real estate:

Be Prepared When Visiting Potential Properties

When looking at different properties with a real estate agent, be armed with the tools needed to make an accurate decision. Bring a camera to take pictures of the space, a tape measure to double check square footage, a calculator, and a notebook. It’s also beneficial to get a copy of the blueprints of the building to keep on file.

Make Sure the Property Is Zoned Properly

Before the search begins, let the agent know what type of business will be in the building. This is because some areas are not zoned for particular businesses. For example, the real estate agent may find a lovely building in an office park, but the venture is a retail store. The office park is not zoned for retail use, so there is no need to investigate that space since it cannot be used for the business.

Determine the Building’s Impression

When approaching the property, determine the impression the building gives off through its appearance. Determine whether the appearance will alienate the desired customer base. Depending on the nature of the business, the appearance may not matter as much. If the building looks too shabby for an upscale clothing store, consider a different location.

Check the Interior for Defects

Once inside, check for obvious defects in the space such as missing flooring, broken or unattractive lighting fixtures, and damaged ceiling tiles. Also, look at the air and heating unit. Ask about the condition of the duct work and the outside unit. The renter will be responsible for making all repairs to the building, so decide how much of a maintenance budget is needed to fix anything that may be wrong with the space. However, if there is a structural issue with the building, that will likely be the responsibility of the owner or landlord.

Investing in a commercial real estate space is a big step in starting a new venture. Make sure to consult experts if there are questions about unfamiliar areas of expertise, especially regarding the building’s structure. The advice of an attorney may also be helpful before signing a lease to ensure everyone involved in the process is protected in the event there is a zoning change or other events that could cause problems for the venture.

Learning About Senior Housing Financing

So, you are looking at putting together a facility that is going to allow you to house seniors for a price that is going to be a lot less than everything else. That being said, there are a lot of things that you have to consider here, including how you are going to pay for everything that will allow you to give what people need for a price that they can afford. What are you supposed to do? Can you actually get senior housing financing that will allow you to achieve the goals that you want to achieve?

Actually, yes. Because the baby boomers are starting to age, we’re getting to a point where we really need the help of additional senior housing so that they can feel comfortable and have everything that they need, even as they get older and are trying to figure out exactly what they are going to do as they age. So, because of that, there is a lot of senior housing financing and funding that is available for you to access, as long as you meet requirements. Here are some of the things that you’re going to need to do.

– Have a plan set out so that you can present it. No one is going to just give you money. You have to have a plan so that you can show it to people and say that this is exactly what you have been intending to do and this is how you’re going to be able to take care of it all. By having this plan in place, not only can you feel confident that you’re going to be able to do it, but so will other people who may be looking to finance you.

– Take some time to make sure that you know what you’re getting into. Do you know what is going on here? Do you know that you have a lot of things that you’re going to have to take care of? And do you feel comfortable with everything that you’re going to be doing and how you are going to take care of? That is the sort of thing that you have to figure out and what you will want to do in the long run.

– Work with an appraiser to see how it could work out in the end. You want to make sure that you are on the right path and that there is actually going to be a need for senior housing for you to take care of. These people can help you to see what you have the possibility of making and whether or not it’s actually going to be something that can succeed in the region that you are living in. They can give you solid advice as to how you should move forward and they will also let you know about the valuation that is related to what’s going on. By having all of that information, you’re a lot more likely to succeed when it comes time to really get running your housing.

– Apply for senior housing financing.That’s it! Now it’s time to apply. By being armed with all of the information that we’ve talked about above, you are in a good position to just go ahead and apply for financing that will help you to achieve your goals and feel great about what you’re doing. The application process takes a while, but you can make it shorter by showing off what you’ve done before you even put in the application.

While it is going to be a bit of work for you to try and figure it all out, it’s a good idea for you to actually do what you can in order to get everything taken care of quickly. You don’t want to feel like you can’t figure out what is necessary for you to succeed, and you really need to work with financial advisors that have your best intentions in mind in the long run. Want to see what else is available? Contact us to learn about all of the options that we have for you today.