I Want to Purchase Commercial Real Estate: Now What?

The purchase of commercial real estate is a complex and multi-faceted process, and that is as true in New England as anywhere else in the nation. There are many considerations to take into account, from the location of the property to the type of business that will be conducted on the premises. Here are a few tips to help you navigate the process and make the best decision for your business.

1. Do your research
The first step in any major purchase is to do your research. This is especially true when it comes to commercial real estate. There are many factors to consider, and you need to be sure that you are aware of all of them before making a decision. Talk to other business owners, look at comparable properties, and consult with a real estate professional to get a better understanding of the market.

2. Consider your location
The location of your commercial property is one of the most important factors to consider. You need to think about things like foot traffic, accessibility, and visibility when choosing a location. The wrong location can make it difficult for customers to find you, and it can also make it hard for you to get the foot traffic you need to be successful.

3. Think about the future
When you are purchasing commercial real estate, you need to think about the future of your business. What type of growth do you anticipate? What changes might you need to make to the property in order to accommodate that growth? Purchasing a property that can accommodate future growth is a wise investment.

4. Get financing in order
Purchasing commercial real estate is a major investment, and you will need to have your financing in order before you can make an offer on a property. Talk to your bank or another lender to get pre-approved for a loan. This will give you a better idea of how much you can afford to spend on a property.

5. Hire a real estate agent
And most important of all, working with a qualified REALTOR® is crucial when purchasing commercial real estate. An experienced agent will be familiar with the market and can help you find the right property for your business. They can also assist you in negotiating a fair price for the property.

Purchasing commercial real estate is a big decision, but it doesn’t have to be an overwhelming one. By doing your research and working with a qualified real estate agent, you can find the perfect property for your business.

Have questions? Talk to us about anything real estate! Whether buying, purchasing, selling, leasing, commercial real estate, or anything else you need answered, contact one of Rhode Island’s top realtors and we will be glad to help!