Questions To Ask Before Buying A Commercial Property

real estate

It is highly recommended that you hire a real estate expert, like Marika Tolz, when buying a property. Sure, these professionals know everything, from the right property to purchase to available properties on sale that are not posted for public viewing.

Buying a commercial property cna be very exciting, hence you think that once you hire a real estate expert, you are good to go and you can buy any real estate you think is okay.

There are hundreds to thousands of commercial properties available in the market, and choosing the right one should not be done in a snap especially that the prices of these properties are expensive.

If you are planning to invest in one, you are actually making the right decision, but even so, you have to be careful as not all properties are worth the investment.

When looking for a commercial property to invest your hard earned money, one of the things you have to do is ask questions. The more questions you ask, the closer you can get from buying the right commercial property.

Do not hesitate to ask, as long as the questions you are asking are relevant to the property you are planning to purchase.

To give you a good head start, here are a few questions to ask:

  • Can I still negotiate with the price?

Some think that once the property owner announces the price, it is already fixed. Actually, negotiation is still possible provided that you are giving an amount that is also fair with the property owner.

Also, do not assume that when you negotiate, the result will be in your favor. Be open for decline and push backs, but needless to say, even if you are not sure with the result of your negotiation, still do it.

  • When can I use the property?

Ask when the owner plans to turn over the property to your possession. Do not think that it will be done in a snap, especially if the commercial property is still on lease or on a contract.

You have to know when the property will be turned over to you especially if you are planning to use it for your business as well.

  • Are there any repairs needed on the property?

It is highly recommended that you hire an inspector to check on the property’s current condition, but needless to say, asking the owner of the repairs needed on the property is still a good idea.

Of course, the repairs or issues on the property’s structure is not a reason for you to back out from buying the property, but it should give you an idea whether you can still afford the property especially that you also need to pay for the property’s repair.

  • Are the taxes paid up to date?

Make sure that the tax of the property is up to date, if not, pending tax fees including penalties should be deducted on the total amount they will collect from you.

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