Commercial Property For Sale: Top 10 Mistakes To Avoid
1. When considering commercial property for sale one of the biggest mistakes is to accept anything at a face value. Ask for verification of any claims, such as a new roof or other improvements, and make sure that the facts stated are correct.
2. An independent appraisal should always be done. This is true whether you are looking at commercial or rural property for sale. Without an independent appraisal you will not know the true value of the property.
3. A big mistake with any commercial property for sale is to fail to do enough research before making the purchase. It is essential that any property is researched thoroughly, to determine if there are any issues before you buy it.
4. Government property for sale is not always the bargain deal it is portrayed as. Make sure you understand any conditions or clauses in the sale before you make the purchase. Evaluate the previous use of the property, to ensure no munitions or other hazardous materials were ever stored on the property.
5. A common mistake made with commercial property for sale is to buy with the belief that you can rent out the property at a profit. Look at the neighborhood, and the appeal of the property, and honestly evaluate the rental potential.
6. Buying retail property for sale is no guarantee of a profitable business or rental property. Many retail spaces have a high turnover rate, because of a lack of traffic, poor location, or other factors. Look at all of the property aspects before making any decision.
7. Be cautious with any property that is priced extremely low. Often these properties may have hidden defects or other issues, which is why they are offered for such a low price.
8. An inspection by a professional property inspector should be done with any commercial property for sale. This inspection should cover every component of the land and any structures on it.
9. Commercial property for rent can be profitable when it is done right, but this should never be rushed into no matter how good of a bargain the property may seem. Many new buyers hurry up and make a purchase and then regret this action later.
10. Buying commercial property for sale based on a photo instead of a personal inspection is a big mistake, one that can be very costly. Without inspecting the property for yourself it is not possible to get an accurate assessment of any damage or repairs needed.