Buying a building is a major purchasing decision. It’s a huge investment and there are so many things to consider. This article will outline the things you should be thinking about when looking at buildings to ensure you find the right one for your purposes. It will also provide helpful tips for its upkeep.
Location, Location, Location
A building can always be remodeled and updated, but it can’t be moved. The building you purchase should be in a safe neighborhood and it should be conveniently located for your purposes.
The condition of the property must be considered. Look out for general wear and tear as well as possible environmental issues. For example, if the building has lead paint or asbestos you have to pay for an abatement. If chemicals were disposed of on the site, a costly remediation may be required.
A building inspection should turn up any damage and you can decide whether you want to negotiate on the selling price to account for issues or go with another seller.
Many people buy a property with the intention of selling at some point in the future and they will want to make a considerable profit from the sale. While real estate tends to appreciate, this isn’t always the case.
If you do a market analysis before purchasing, you will get a good idea of how your property will increase in value over the years and you can use this as a basis for your purchasing decision.
Zoning controls the way land can be developed and what purposes it can be used for. For example, a retail shop will need a commercial space while a manufacturer will require an industrial space. Familiarize yourself with the zoning laws to confirm that they will not limit what you can do with your business.
Consider Getting Your Building Retro Commissioned
Once you purchase a building, you will want to do everything you can to keep it in the best shape possible. Getting it retro-commissioned is an advisable step.
The commissioning process is typically done while a building is being built. It involves having all systems tested to make sure they are properly designed and installed and that they will be sustainable for years to come. It also ensures the systems are compatible and work well together.
If the building you are buying was not commissioned during the building stages, you can have it retro-commissioned. Retro-commissioning provided by 5D’s will include comparing the current system’s setup to the design, as well as, measuring, testing and validating the system to ensure functionality and sustainability. In addition, when problems are identified we will troubleshoot and find the root cause and help you, the owner, identify an acceptable solution. We do not just point out the problems and walk away, we do everything we can to help you find the solution.
A lot goes into purchasing a building. You must consider the property location, potential zoning issues, market value, property condition and more. 5D’s can provide retro-commissioning services to ensure your systems are ready for the long haul.
What do you look out for when you are making a real estate investment?