Setting up a business of your own already requires a lot of attention on the product or service offered, the economic market situation, employees, competition and sales strategies. If unplanned, headaches can also extend to choosing the commercial property that will host your business. Choosing the perfect commercial real estate according to the business need is somehow tricky, and it can be said that even an experienced real estate investor may take the wrong steps. However, if you want to choose a Commercial real estate Atlanta property without making any mistakes, see these tips we have listed below.
Rent or buy – which is better?
Before effectively seeking Georgia commercial real estate property, the first decision to make is to assess whether your business is a buying or renting moment. For this, it is important to analyze three main points, what is the financial standing of your company right now? Is your company still growing fast? Already know in detail the place where you want to buy the property? Your business’s financial standing refers to how much cash you have to invest in a commercial property, without compromising your monthly budget. For example, in new businesses and startups, an investment of $ 100,000 in a commercial room can hurt the payment of other suppliers and compromise the monthly operation. Now, if your business is already on its own and there is money saved for investment, it may be a good time to buy.
Evaluate the need for a new property
Keeping in mind exactly what created the demand for change is critical to knowing what should be high on the priority list when looking for a new space. Has your company gone through a process of rapid employee growth and the space that exists today no longer holds everyone? Do you need a larger area for internal and client meetings? Startup a new business? Structural problems at the old site?
Give special attention to the location
The choice of commercial property location must take into account several criteria. In this regard are present:
- The neighborhood profile (it is very residential/commercial);
- If it is well served by public transport for its employees;
- If there are nearby places with parking spaces available;
- If there are short-range feed options available;
- If there is the local capacity to host a sector business.
Finally, consider whether your location has the minimum infrastructure necessary to meet your employees, your customers, and your business desires.
Consider the appreciation potential of this place
Buying a commercial property can be seen as a way of generating wealth for your business, which is very relevant, especially in times of economic uncertainty. As with all types of investments, it is important to assess what the medium and long term income possibilities are. Searching for spaces that are going through valuation processes (such as building a nearby subway exit, upscale commercial establishments and municipal investments in urbanization) is a good strategy.
Evaluate the available payment methods
Three types of finance are often available to business owners wishing to change addresses – agent financing, entry into a real estate consortium or cash payment. Bank financing is a faster process of releasing the budget for the purchase of commercial property. However, interest rates may reach more than 14%, depending on the financial agent selected and the maximum amount to be financed is 80% of the property. In the case of startups or own companies, rent is the simplest option, but also one that can be very financially detrimental to the company. The commercial rental prices are significantly higher than residential, not counting condo fees and values necessary for reforms and adequacy of space.