Are you going into business for yourself? Browsing for the perfect Property to put your bookstore business? You might want to read further to learn more about the ins and outs of commercial real Estate. By exploring the various types of commercial real estate, you could also help figure out where your new business fits. However, buying commercial real estate isn’t as simple as having the money and exchanging it for ownership. Read on to understand some of the essential things purchasing a commercial real estate property entails. It could save you a headache later!
What is Commercial Real Estate?Some of you might not know what commercial real estate is. Most people only think about houses and condos as real estate properties. However, as stated by Investopedia, commercial real estates belong to businesses. If you live in Orange County, consider browsing the Commercial Orange County real estate listings. There could be a great piece of property for your business in there!
Some businesses aren’t able to afford to buy the commercial real estate properties. Therefore, a lease enables smaller firms to use the feature for office or workspace.
7 Types of Commercial Real EstateYou would think commercial real estate would make you feel it’s just business real estate. However, it can be a little more complicated when it comes to what all commercial real estate property entails. According to Property Metrics, there are 7 different types of commercial real estate properties.
1. OfficeMost of these office buildings are located in the middle of cities. You probably recognise these as the tall office buildings in your local towns. They also have offices outside cities, which aren’t as tall as the ones downtown. These could be as big as 80,000 - 400,000 square feet.
2. IndustrialThese usually have warehouses with a lot of heavy machinery for various industrial uses. However, some properties include office space. The office space is for the administration and management to keep the business running smoothly.
3. RetailRetail buildings contain a variety of structures because some are small enough for fast food restaurants. Other retail buildings are much more significant such as Walmart and other department stores. As Property Metrics reports, some large regional malls could be as big as 400,000 - 2,000,000 square feet.
4. MultifamilyYou can find 3 types of apartment buildings in the multifamily category. According to Property Metrics, multifamily can be small apartments that consist of 4-5 stories. They could also be medium sized apartments with 5-9 stories and even much larger apartment buildings.
5. HotelsThe hotel businesses include small, medium, and broad types of hotels. Some are big enough for restaurants while others are built specifically for lengthy stays.
6. LandThe land doesn’t have any kind of buildings built on the property. In other cases, the nation has been vacant for an extended period.
7. Special-purposeSpecial-purpose is a type of commercial real estate that consists of businesses that are a little different than the other six categories. These businesses vary from amusement parks to nursing homes and much more! They don’t really fall under the other classes, so they’re lumped together in this special-purpose group!
If you are about to build your own bookstore business, knowing what type of commercial real estate property it falls under could speed the process of your property search.
What You Need Before Buying Commercial Real Estate?Purchasing commercial real estate property isn’t as simple as buying a house or condo. It can be a long process of hiring specialists who are needed for obtaining such a large park. As 42floors states, before purchasing a commercial real estate property, you should be sure to have the following:
- Commercial real estate lawyer
- Commercial realtor
- Mortgage broker
AccountantHaving a hired accountant can make a difference between buying a successful purchase of commercial real estate property and the financial downfall that could happen in the future. An accountant can help you examine your financial options and help with the financial business plan. Without a financial expert, you could end up losing all your money if you don’t account for all the extra expenses creating a business can have.
Commercial Real Estate LawyerYou wouldn’t think to hire a lawyer for purchasing a commercial real estate property is essential, but it is. Your lawyer should look over your contract to make sure everything is as you agreed upon. They can also help with understanding such a complicated deal. According to 42floors, it’s very crucial that you have a letter of intent, also known as LOI. This is further protection for you in case something goes wrong later on. Having an LOI signed will make the contract voided if there are any kind of complications.
Commercial Real Estate BrokerIs it necessary to hire a commercial real estate broker? Yes, absolutely! You want to find the best properties to look at and find the best deals. Don’t waste your time and money searching when a commercial broker can find the perfect property. As Madison Square Portfolio states, commercial brokers can help you see features that aren’t even listed.
Commercial brokers also have a long list of contacts. You can use them for designing and building your new business. Knowing the right connections for interior design or movers can help you save both money and time with trusted people. Commercial real estate brokers can also save you money. They are fantastic and experienced negotiators. Save your money and time with a commercial real estate broker!
If you ever find yourself in Orange County, California, consider Commercial Orange County real estate properties for your business. When you are searching for the perfect property, research the best commercial real estate lawyer for you. Having a skilled lawyer who knows how to read contracts can be essential in getting the right kind of deal. You need to find a great commercial real estate broker today to search for your dream property! It’s all about your connections!