When you are starting a business, one of the more important decisions that will need to be made will concern the property that you buy for your enterprise. Commercial real estate can be expensive, which makes it essential for you to get the most from this investment. Unfortunately, if you have limited experience buying commercial properties, you may make some oversights during this process, but following these two tips can help you to avoid this problem.
Have An Attorney Research The Potential Property
There are often many regulations concerning how commercial property can be used. For example, it is common for communities to have land zoned for commercial, industrial and professional services. Furthermore, these categories are often broken into smaller classifications. In addition to these concerns, it will also be necessary for you to research the title to ensure that you are not buying a property with an existing lien.
Not surprisingly, this can quickly start to feel overwhelming. A commercial real estate lawyer can perform much of this research on your behalf. In addition to saving you the hours of research that may be required to effectively review these topics, you can also be assured that this review is being done by an attorney that has ample experience and training with this area of real estate law.
Choose A Lender That Allows You To Count Future Income From The Property On Applications
For individuals that are starting their first enterprises, it may seem like obtaining financing will be impossible. This concern can often stem from the fact that you may currently lack enough income to meet the qualifications for these loans. Luckily, you should be relieved to learn that there are many lenders that can allow you to count a portion of your company's projected revenues in the application.
In order to take advantage of these programs, you will need to provide a comprehensive business plan that outlines the projected revenues for your enterprise as well as the strategies for meeting these goals. Due to the fact that not every lender offers this type of assistance, you may need to contact several lenders before you locate one that can meet your needs.
Buying the real estate that you need to start your company can be a stressful and overwhelming task for those that have limited experience with this type of real estate transaction. Hiring a lawyer to review the property's zoning and regulatory requirements and using a lender that will allow you to count future revenues can put you in far better position.