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HENRY B. LaTORRACA

Civil Trial Attorney

Issues to consider when buying real estate

| Oct 12, 2018 | Commercial Real Estate |

California business owners often strive to expand their commercial spaces. This may be office space, a warehouse or whatever else fits their needs. Prior to doing so, it is a good idea to locate an area in which to start looking for a property. Ideally, it will be in an area that is close to major highways and otherwise convenient for people to get to.

There are many different costs that may come with owning a commercial space. For instance, it may need to be retrofitted or otherwise maintained for however long the company owns it. A banker or similar professional could help determine what those costs are and how to possibly reduce them. In some cases, buying a smaller building and renovating it makes more sense from a value perspective.

For the most part, buying a building for more than it is worth could cause problems in the future. The biggest problem is potentially taking a loss when it comes time to sell it. A broker can help determine if a given space is priced properly based on market conditions. Whatever a business owner decides to buy, it should be done with an eye on selling, leasing or otherwise relinquishing control of it in the future.

When purchasing an office building or warehouse, it is important to know if it has a clear title that can be transferred. If there are title disputes or other problems with a property, it may not be worth buying. An attorney could help an individual learn more about a given property prior to a purchase agreement. This may help a company to save money both now and into the future.

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