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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Preparing to Sell Your Commercial Property

 

Commercial Property pic
Commercial Property
Image: realty101.com

For more than 15 years, Henrietta Feldman has been practicing as a real estate attorney. Currently practicing at the Law Office of Henrietta Feldman, LLC, in Palm Beach, Florida, she spent much of her career working in Boston. She focuses on residential and commercial real estate matters and handles such things as loan, purchase, and sale agreements.

Selling commercial real estate can be exciting, but it also brings about several unique challenges that you must navigate. Below are just a few things you should do when preparing to sell a commercial property:

Analyze recent sales. By looking at recent commercial property sales, you can determine whether it is a good time to sell your property. Check prices of similar properties in your area to see if they are near your sales goal. Recent sales are not always a guarantee of the price you will get, but they can provide you with some perspective about the market.

Gather documents. If you determine that it is a good time to sell, gather your documents before you put the property on the market. You should gather such documents as your rent roll, existing leases, and title deed. This ensures that you have all the necessary information for buyers as soon as they express an interest and prevents unnecessary delays in the sales process.

Make improvements. First impressions are very important when selling commercial property. If the outside of your property looks a bit plain, try adding some flowers or bushes to spruce it up. Further, make sure all existing plants are well groomed. It may also be helpful to make simple repairs inside the building or add a fresh coat of paint to make things look cleaner.