A big part of owning a business is finding the right location to operate that business in. From space to amenities, commercial real estate has so much to offer in terms of value and profitability. Your property should not only serve your immediate business needs but also serve you indirectly by increasing your investment and asset portfolio. Real estate expert and entrepreneur Simon Walder explains the five things you should consider when buying the perfect property.
While specializing in dental practices and aiding countless dental professionals get their businesses off the ground, Simon diversified into commercial real estate. The founder of Uptown Capital, LLC. Simon works with investors and business owners looking for retail and mixed-use real estate. “What I found in working with dentists is too many medical professionals overlooked places like strip malls or mixed-use developments where they could operate their practice and bring in additional income,” explains Simon. Simon shares the five things to consider when looking to buy the perfect property.
1. Does the property align with the kind of investment you are willing to make?
“The larger the investment, the higher-profile you can be regarding location and tenants,” states Simon. “It’s important to consider that when purchasing a property. A prime city location comes at a higher price tag but attracts different kinds of businesses.” Think about the investment you want to make and look for adequate properties.
2. Dream big but don’t overextend yourself.
“Set a realistic budget if you want to make money,” explains Simon. “Don’t go too far in the hole for a property. Remember, if you do well with one, you can always buy more.” Real estate investments shouldn’t negatively impact the financial health of your overall business.
3. What kind of traffic can it accommodate?
“Are your patrons coming by car, bike, or foot? Is there heavy pedestrian traffic?” asks Simon. “Ask yourself these questions and ensure that the property has adequate parking and access, or it will immediately turn customers away.”
4. Is there room to grow?
Simon explains, “if business is going well, can the building be added onto, renovated, etc., to accommodate a growing business, or will you have to move?” Simon maintains that it is essential to check your growth projections against what the property can accommodate.
5. How much work are you willing to put in?
“Do you want something turnkey, or are you willing to step into a full-scale development project? asks Simon. “You can purchase existing structures or build brand new, but both come with different levels of time and investment commitments. Know what you are getting into.”
Simon explains that there is a perfect property out there for everyone. It’s just about finding the right fit. Commercial real estate is a logical and attainable investment when acquired sensibly with a trusted agent who puts your needs first.