What makes a good and worthwhile commercial property investment? We asked the pros about it and here’s what they had to say. Check out the following characteristics to look for when investing in any commercial asset.
- Conveniently Located
Since the purpose of the asset is commercial, meaning business related, it has to be situated in such a way that it’s convenient for everyone to reach from customers to employees and even to vendors. Proximity to significant and even complementary establishments, transport hubs and roads make for convenience.
- Heavy Foot Traffic
Exposure and reach is important. Foot traffic pertains to the number of people and even vehicles that pass by the establishment such as patrons, seasonal customers, potential clients or just passersby regardless if they buy or not.
- Safe and Secure
Assets and people need to be safeguarded. This is why the safety and security of the building and even the neighborhood is very crucial and must be adequately assessed prior to closing.
- Manageable Ongoing Costs
No matter how affordable the commercial property is, if its ongoing (read repairs and maintenance) costs are too high then it’s going to end up expensive anyway. Remember that these costs are not part of the asking price but will be shouldered regularly, at least monthly or annually, and should therefore be a huge concern.
- Spacious and Ergonomic
Commercial spaces need to have adequate room. Productivity among others will not be maximized if there’s barely any space to work with and move in. Plus, customers rarely have patience for cramped spaces. Of course, not all assets are huge but wise architecture and interior design makes way for apt space and ergonomics.
- Appreciation Potential
Does the asset have any appreciation potential? Given the right maintenance and upgrades, how far will its value rise? How about the structures and establishments adjacent to, beside or near it? How will they affect its value in the long run? Opt for investments that will give you more than you asked for as much as possible.
- Lengthy Remaining Useful Life
Last but not the least, make sure that you choose to buy a commercial property investment that has adequate remaining useful life. The reason is pretty obvious. Why buy something that’s barely going to serve you any purpose? Why waste your resources on something that won’t last long enough?
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