Buying Commercial Property for a Business – Benefits and Tips

 

Commercial Property pic
Commercial Property
Image: inc.com

Henrietta Feldman is an accomplished real estate attorney in Palm Beach, Florida. There, Henrietta Feldman guides buyers and sellers of both residential and commercial properties, including those seeking to purchase real estate for their businesses.

Many business owners will eventually face the decision of whether to buy or to rent. Although renting does have its advantages, including flexibility of location, buying offers a business the freedom of adapting the property for its own use. Meanwhile, the business also enjoys the economic benefits of buying, which include freedom from fluctuating rent and the possibility of receiving tax advantages.

To gain the most benefit from a purchase, a business owner must think carefully about the location and size of the building he or she needs. Proximity to customers, employees, and vendors, as well as rail and highway access, are likely to be important to buyers, as is the certainty that local zoning laws allow for their type of business. Relatedly, if the business may wish to make changes to the property in the future, the owner may want to check in advance to verify that this will be possible.

The business owner should also consider whether the company will use the entire property or rent some portion of it, as the need to lease may bring up additional legal and logistical concerns. Experts recommend that business owners examining these considerations should seek the support of a broker and accountant as well as a real estate lawyer, who can advise the buyer through all stages of the transaction.

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Reasons to Get a Home Appraisal

 

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Home Appraisal
Image: mortgage101.com

A graduate of Cornell University and Boston University School of Law, Henrietta Feldman has practiced real estate law since 1999. Working with both commercial and residential clients in Florida and Massachusetts, Henrietta Feldman reviews and documents transactions such as leases, purchases, inspections, and appraisals.

Determining the fair market value of a home is an essential step in the process of home buying and selling. A qualified, state-licensed appraiser evaluates the home’s age and condition, as well as its future marketability and selling prices of nearby homes, to accurately determine whether the home’s selling price is fair. A home appraisal may be necessary in order to refinance a home, or to determine if a loan’s remaining balance has fallen below 80 percent of a home’s value should the owners wish to discontinue their private mortgage insurance or PMI. Additionally, homeowners who are considering renovations might hire an appraiser to determine whether the contemplated improvements would add significant value to their home.