When in search for a good commercial property for sale, buyers need to practice extreme care and caution. After all, these assets are not cheap plus considering their commercial use they are bound to be utilized to generate sales and profits. As an entrepreneur or investor, what should you be looking at? We’ve got a list of things that you should very well inspect on every retail investment for sale that you check and wish to purchase.
#1: LOCATION – Retail establishments need to be accessible because no vendor and customer would like a place that is hard to get to. At the same time it is best situated in an area that promotes appreciation in its value so in the event that you sell it in the future or put it up for lease, you’ll get a good return on your investment. On that note, do check the nearby and adjacent establishments and structures.
#2: SAFETY – You have to ensure the safety and security of your business, its assets, your people and of course your clients. Check on the crime rate of the city. Ask the neighboring establishments and residents in the area too.
#3: SIZE – This depends on your need and the very purpose of the commercial property to you. One has to know the dimensions and other structural details of the land and building.
#4: LIFE – Whether it’s brand new or not, you have to know the remaining useful life on the asset not just for accounting purposes but to gauge its possible years of service to you. The seller will inform you but for validity purposes, hire a chartered surveyor for this.
#5: FEATURES – Different commercial properties will bear varying features from size, number of stories, structural design, parking space, view and more. You have to establish what you need and want and be sure that you check on them during your visits.
#6: CONDITION – Sometimes the structure may look fine but in reality it isn’t. Something could be wrong or damages may have been left undisclosed intentionally or unintentionally. This is another reason why you might want the services of a chartered surveyor. They can assess the condition of the building and even provide you with en estimate of ongoing costs on the property.
#7: PRICE – Lastly, you will have to check on the price of the retail investment for sale. See to it that it is reasonable and in line with the asset’s current market value. At the same time don’t be afraid to negotiate with the sellers about it.