Things to Look for When Buying a Commercial Property
Whether it is your first commercial property purchase or something you have done before, buying a commercial property involves the need to jump through different hoops. ― You may not know what to look for to get the best bang for your buck. Should you purchase the property with minimal parking space? Do you need asphalt removal before the drive-through can function properly?
Consider the following to better understand the answers to the many questions you may have:
Plenty of Parking Space
If your company offers products or services in which your customers will need to visit your location, look for a property with plenty of parking space. If you have found the perfect place, but it has minimal parking spots, analyze the property to see if there are grassy or gravely areas where you can pour new asphalt as an expansion of the parking. If there is a large area just out the front of the building where you could fit some parking stalls, consider having some painted in by the professionals.
Physical Condition You Can Live With
The physical condition of your building and its surrounding property is critical as it offers the first impression to your customers. The condition of your building shows the community how you feel about doing business. Therefore, if the current physical condition of the property is not something you can repair, move on to the next building option on your list. However, if the building you are considering needs only a few repairs and you can handle the thought of the work, it may be the right property for you.
Repairs might include filling cracks, sinkholes, and potholes in the asphalt, as well as renewing the surface of your parking area with an overlay. Without these repairs, there is the potential you could be blamed for damaging a customer’s vehicle. To avoid these types of situations, it is best to ensure the repairs are manageable or already taken care of.
You might have to hire someone to apply a new coat of paint to the building, patch a hole in the wall, or lay new flooring. As the physical condition is such a big part of the success of your business, these repairs will be worth it.
Room for Expansion
If you like the location of a particular property, but it does not seem big enough for your needs, consider ideas for future expansion. Speak with someone from the city about opportunities to expand with that particular property. While there may be some restrictions, you will be aware of what they are before making a purchase. You might be able to expand the employee parking behind the building with asphalt paving, but may not be able to expand the employee break room into the same space.
Space to Set Up Your Business the Right Way
Every business is different. One property might not have the right layout for your business. Though the location might be perfect, you may need to set things up a little differently.
For example, if you are running a restaurant or fast food place, you will probably want a drive-through as a convenience to customers. In such a case, your business would not function properly if sandwiched between two other businesses as there will be no space for cars to drive-through. With a building that has space for a drive-through, you can install an asphalt driveway in its place and cut a window into the side of the building.
Of course, there are many unique and distinguishing features to a variety of businesses, so keep in mind what you need, watching out for them as you look for the right property.
Easy Access for Customers
You want your customers to find you easily and quickly. If a commercial property for sale is located down a long road with multiple turnoffs and confusing street names, it will probably not be beneficial to business. However, if your building is right next to a public transport station, it may have more significant benefits.
Additionally, if the road a particular property is on needs a lot of work, or is difficult to maneuver, it could be a deterrent to potential clients. If cracks need to be filled, grading needs to be improved, or seal coating should be applied to the road, speak with the city about whose responsibility it is. If the responsibility falls in the hands of the business owner for a portion of the road, you can have it done in just a short amount of time. If it is in the city’s control, find out what you can do to help it get done before you open up shop.
Taking It All In
Before you go on the hunt for the perfect commercial property, consider these ideas and write down exactly what you are looking for. As you check out different buildings, pay attention to space, condition, and potential. Your perfect property is out there; you just have to find it ― and when you do, contact One Stop Asphalt at 480-999-9023 to make it perfect for you.