The question of whether to buy or lease commercial real estate in California should be carefully considered, especially with the volatility of the market. However, there are a number of advantages of owning commercial property that can make the decision worthwhile. For first-time purchasers of commercial real estate, it is important that they understand what the process entails so that they are able to make the best decision.
Prospective commercial real estate purchasers should always keep in mind that there are always risks involved. The uncertainty of real estate market trends as well as the lack of liquidity when assets are invested in real estate must be considered.
Research is an important part of the process and extends well beyond simply visiting the property. A prospective buyer should be prepared to verify boundary information, look up restrictions and covenants, and determine what kind of improvements should be made to the building. Finding the ideal property can be easier when certain details are considered. This can include where the property is located and whether it is properly zoned.
Getting professional advice is also necessary when debating whether to purchase commercial real estate. The expense of paying professionals is a wise investment if it is able to protect a first-time buyer’s interests. Accountants, commercial real estate attorneys, commercial realtors, mortgage brokers and surveyors are just some of the professionals who input may be required for the often complicated process of purchasing commercial property.
An attorney that practices commercial real estate law may work to ensure that a client’s interests are protected during the purchasing process. This may include reviewing the purchase agreement, handling title disputes and management agreements or researching zoning laws. The attorney may also assist with the real estate closing.