If you own a business, you likely want to expand your operations at some point. Growth is a key measure of business success. It allows you to reach new customers, make more money, and hire additional employees. In order to expand, however, you need space. A commercial real estate investment will get you the room you need.
Enriched Real Estate can help you find the right hub for your entrepreneurial endeavor. We offer a comprehensive summary of 20 MM+ commercial properties across the US including property data, ownership, ownership contact data, tax assessment, Guesstimate™ of market value, tax assessments, comparable sales, tenants, photos, flood map, and much, much more.
Buying commercial property isn’t the same as buying a residential home, however. Read on for a basic guide to buying real estate for your business.
Figure out how you will finance your investment.
Before you start scouring the market, figure out what you can afford to pay. Keep in mind you’ll have to make some kind of down payment if you want to secure a loan. That said, there are diverse lending options available to you. You can look at commercial loans, for example, or check out state and federal options specifically for small business owners. The U.S. Small Business Administration offers loans for commercial real estate purchases.
It will be easier to secure a business loan to invest in commercial property if you formally incorporate your business as a limited liability company. LLC regulations vary between states, so make sure to look at your local rules before proceeding. For example, establishing an LLC requires you to appoint a registered agent and file Articles of Organization, among other steps. You can take care of Texas business registration yourself or enlist the help of a business formation service.
Determine your business’ commercial needs, now and in the future.
With financial matters settled, it’s time to figure out exactly what you need. Write down a list. If you want a retail space, for example, you need to consider not only square footage but also presentation. Large storefront windows help to draw in customers from outside. If you just need office space, this kind of presentation aspect is irrelevant.
Regardless of the type of business you run, location is a central concern. If you run an office business with employees, for example, being somewhere accessible that’s near a public transport line is helpful. Also, keep in mind your future needs. If your team grows, you need to accommodate this.
Find the right lender to close the deal.
Once you’ve determined your needs and the location you want to buy in, you’ll need to get in touch with a local lender. How can you find the right one? First, look for a lender who has completed loans on properties that are similar in nature to the one you’re interested in purchasing. If you’re not sure where to begin, Enriched Real Estate makes finding a lender a little easier by providing this information for you! These are the same tools utilized by the top investors in the industry, which means you’ll get information that will help you.
Give yourself time when searching for a commercial business space. Business space can directly impact your employees’ productivity, so you want to get it right. Follow the above tips and you should be able to find a piece of real estate that suits your needs perfectly. Visit Enriched Real Estate to research any commercial property in the U.S and learn more.