Starting your own business is as exciting as it is terrifying. Taking your own financial future completely into your own hands is freeing, but it also comes with incredible responsibilities. As your business grows and you are more confident and secure in your standing, choosing to open a storefront is an exciting step. However, just as with residential property ownership, it’s important that you do thorough research to ensure you are making the best purchasing decision. Before you sign a lease or finalize any commercial property transference, be sure to follow these three steps.
Study the Market
Just as with any real estate property, the value and cost of commercial properties is greatly influenced by the current state of the market. Do your research and take your time in looking for a good deal. Be sure to consider the location in terms of ease of access, street visibility, and parking options for your customers. Once you’ve found one or two areas you want for your business storefront, doing research regarding costs and value can help you to determine if a specific commercial location is a good deal.
Be careful if a deal seems too good to be true—it just may be. Commercial property owners offering reduced rates or a free first month may be desperate to fill the space for the wrong reasons. If you are tempted by a rate that seems too good to be true, it’s time to bring in the experts.
Get the Property Inspected
Before you sign anything, having the property inspected by a third-party company can help you uncover any potential issues that may arise down the road. Things like faulty plumbing or poor electrical wiring can be problematic for any business, but especially for restaurants and food service businesses. Additionally, signs of mold, water damage, termites, or other hidden damage may fall under your responsibility to fix once a commercial property sale is completed. If any concerns are uncovered during the inspection, be sure the seller or property owner is held responsible for addressing these issues before the transaction is completed. A commercial real estate lawyer in Coral Springs can help to safeguard you against unanticipated repair costs down the road.
Review Contract with Lawyer
At Benson, Mucci, & Weiss, we are dedicated to you and your business needs. We want to help you start your business off on the right foot. Whether this is your first time purchasing a property or you are well-versed in real estate transactions, having an experienced commercial real estate lawyer in Coral Springs review the terms of your contact is never a bad idea. Because our ultimate goal is protecting you and your interest, we help you to identify potential weak points in the language of your contract or draft a new one clearly detailing the terms of your arrangement. Benson, Mucci, & Weiss is here to support and guide you in the commercial property purchasing process so you can focus on the things you really care about. With over 30 years of combined experience, we are committed to helping you and your business thrive.
Before you sign that contract, contact Benson, Mucci, & Weiss today.