CT Commercial Property – What You Need To Know

Buying commercial property is a drawn-out process that is more complicated than buying residential property. The loan interest rates and zoning requirements are not the same. When you make the right investment though your rent rolls turn into profits. When you buy real estate for business purposes, understand all of the risks.

Be careful when choosing the commercial real estate location. Some places are trendy one year and vacant the next year. Also, one factor, like unfavorable weather conditions, could reduce the commercial property value. Look at the features of the area, like the climate and the proximity to the business district. Location is the most important factor since a business must be close to shoppers, suppliers and similar businesses. Consider access to highways, bus stops and other stores. Are public utilities like water, sewer and natural gas important? Make sure that the building is appropriate for your operations. If you want to house businesses, find a location that is suitable for office, retail or industrial uses. Choose the right zones so you handle business without problems.

It is important to have a stable cash flow. If you want to own a residential building, know that some tenants miss rental payments. Sometimes, the building is in need of sudden repairs. Your financial accounts can go under attack, especially if you have to make repairs and deal with attorney fees.

Along with knowing the risk, take action. Be diligent and consider hiring a lawyer before signing a contract. Visit your commercial property frequently to review the operations. Know about problems before they are unable to be fixed.

If you are a small business owner, use more than one professional. These professionals include brokers, lawyers and accountants. Brokers find property costs and features. They recommend financial options. Lawyers help you through the legal aspects of the purchase. Accountants help you deal with taxes and budgets.

Sit down with your Connecticut commercial real estate professional and do a thorough risk analysis. Look at current real estate trends and the growth predictions for your company. A professional is able to talk about different scenarios that take place at different points in time. Businesses grow and shrink in terms of profits, employees and locations. An expert helps you compare the prices of renting and buying with taxes included.

Allyn Associates Realtors proudly provides commercial real estate services in Ledyard CT, Gales Ferry CT, Groton CT, Mystic CT, New London CT, Stonington CT and surrounding Eastern Connecticut towns.