When looking for an industrial property there are a variety of factors that come into play. Although looking for an industrial space can be a bit daunting, especially if you are an unseasoned investor, having the right information and assistance will set you up for success. When you’re scouting for a commercial industrial space, it’s important to know what your goals are and what features you require before you begin the process. Doing these things will help you make an appropriate decision for your business or portfolio and create an easier overall process.
Consider Your Budget
This may seem obvious, but it is important to consider your budget when scouting a location. Do not look outside of your price range, as that simply wastes valuable time. Industrial properties often need special maintenance and upkeep. Make sure you obtain the financial information of a property from the current owner and work all of these things, including what utilities may cost, into your overall budget to ensure you are not overextending your resources.
Location is extremely important when it comes to finding the industrial property that is right for you. Look for properties in an area that is feasible for your specific needs. Determine if you need to be close to a certain area of town, or need easy access to certain roadways and interstates. Ask your agent or a professional about any regional zoning laws that may come into play. Certain areas have various specifications regarding what can be done, and with industrial usage it is always better to be prepared before purchasing, as oversights can prove to be costly.
Think About Your Business
What exactly are you planning on utilizing your industrial property for? Are you an investor renting it out to tenants? Are you a business owner who needs an industrial property to supplement your growing company? Think of your specific needs. The possibilities are endless when it comes to industrial properties. If you are buying as an investment, is the property one that will appeal to tenants and how are similar properties in the area faring? If you are using the property privately, think about your staff and the specifics you’ll need to succeed. Refer back to your agent and provide him or her with this info so you can find a space that’s suitable.
Inspect Buildings Thoroughly
If you’ve begun considering a location, be sure to inspect it well. Do a walkthrough. Make sure the building is structurally sound and there are no signs of damages or chemical spills. Industrial properties can often get a bit messier than other types of real estate, so it is important to ensure the property is in good condition prior to committing to the sale. Don’t be afraid to invest in a specialized inspection during the due diligence period. You want to make sure you uncover any existing issues with the property before closing.
Find a Real Estate Professional
Buyers often think that by bypassing working with a professional commercial real estate agent, they can save money. However, finding an agent, like our agents at Elifin Realty, who are aggressive in working towards their client’s best interest can save you money in the long run. They can assist you in finding suitable locations that you may not have been able to find alone. They can help with the negotiation process and save you money upon closing time.
It is a misconception that all agents charge each client an exorbitant fee. Almost all transaction fees are charged to the seller, so as a buyer you are able to save money and get the priceless knowledge of an experienced agent.
With proper preparation, finding the right industrial property doesn’t have to be a scary task. If you have any questions or are interested in finding an industrial or other property type contact us today.