When you’re looking for new commercial real estate for sale in Lafayette, Indiana, there are quite a few things that you should take into consideration.
First of all, make sure you know what you need your space for. This may sound obvious, but the term “commercial real estate” encompasses a vast variety of different types of spaces. For example, if you need an office space, then an industrial warehouse will certainly not fit the bill, and further, you will need to make sure that the space is properly zoned for the type of business you’ll be putting there.
Another thing to consider is the amount of space you need. Usable space is an important factor in how commercial properties are priced, so you’ll need to know just how much space is really necessary for your purposes (while thinking of future growth).
Besides usable space, parking is also important. If you have customers coming and going, you’ll need a parking lot. If you have multiple employees, they’ll need somewhere to park too. You may also want to consider where your employees live. If you just need an office space to do work, then something clear across town from where you and/or your employees live doesn’t really make sense.
Thinking along the lines of how your space will be used, how important is it for your location to be visible to passersby? Will you need a downtown location or something in a strip mall near other businesses? Do you want to lure foot traffic or drivers with an attractive sign? Or do you just need a space for doing your work? If you have a retail business, then a commercial office space on the outskirts of town isn’t going to bring as many customers, especially potential impulse buyers.
Once you know what you need, it’s time to talk money! It may seem strange to wait until this point to think about how to pay for any commercial real estate for sale in Lafayette, Indiana, but consider how you may limit yourself by sticking to a budget. Properties are priced based on the best interest of the seller/landlord. There are plenty of cases where concessions can be made. You don’t want to be stuck with an inadequate office space when you may have been able to negotiate for a better price.
On the other hand, you have to consider the extra expenses that you may not be aware of until you get further into the buying/leasing process. Sometimes a landlord will require a Common Area Maintenance (CAM) fee, which is an additional charge to your rent. This charge is for the purpose of maintaining the property (lawn care, landscaping, parking lot maintenance, etc.), and this is another case where you can negotiate cost.
These costs are before considering what you will want to do to the space once it’s in your possession. You are likely to make some changes before opening for business. It’s very common for commercial spaces to be renovated when a new business moves in. This is why it is important to get all of that planning done before considering the cost of commercial real estate for sale in Lafayette, Indiana. Once you figure out what you need, then it will be time to figure out how to make it happen. You may find that it’s worth it to get a loan or wait a while so you can get the right place—rather than making a compromise that will cause complications in the long run.