Creating a business takes a lot of work and upfront finances. Unfortunately, a lot of business owners don’t realize that they would do well to have their own commercial property. With an office that is either owned or rented, more people can visit your location and make use of the services or products that you’re offering. Choosing to either rent or own and then picking the right realtor, like Thomas Mensendiek, will make a world of difference in your decision to become a business owner.
Renting or Owning?
There are pros and cons to each of these options. When you rent office space, for example, you’re not tied to a building for years. If your business fails or you decide to relocate, you can easily and quickly close down your current office without needing to first sell it. Plus, rentals are often cheaper than the mortgages that come with owning a property. If, on the other hand, you’re planning to stay with your business for a long time, you might want to consider buying the land or building where your office is going to be.
Choosing a Commercial Property
Location is everything when you’re buying commercial property. If you’re a store, office or some type of service provider, you need a location that isn’t off the beaten path. This encourages more people to find you, walk in and make use of the company that you own and operate. While you might find that commercial properties found in city areas are more expensive, the price you pay will be well worth it when you realize how much revenue you’re able to pull in each month.
Lending and Financing
In order to purchase or even rent a commercial location, you may need to take out some type of financing. The financing is going to provide you with a lump sum of money that you can use to purchase a property. The amount will need to be paid in full over the course of 10 to 30 years. Interest will be added to your loan, so it’s important to look for fixed rates to prevent the financing from becoming too expensive for your current budget. It’s important to be financially secured enough so that you’re able to carry your company if you don’t have the money from the business to pay the mortgage.
Finding the Right Realtor
The right realtor will make a huge difference for you when you’re looking to purchase real estate. They will give you a thorough list of information pertaining to different commercial properties in the area and you will go to look at them with the realtor. The realtor can also help you go through both financing and closing so that you can be settled into your new office space or store front in no time. Despite the fact that office space rentals and purchasing can be expensive, it’s one of the only ways to bring your company to life.