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What are some tips for purchasing commercial properties?

If you want to buy a commercial property, there are a few things you need to know before you do. For instance, how much can you really afford? How much space do you need for your business? Where do you want to be located, and is there a good market in the area for your business?

To start with, you'll want to consider how much space you need to work within. If you need a retail location big enough for furniture, you'll probably need more money for a larger facility than if you need a small shop for a nail salon. Once you know how much space you need, you can look into how much money you can spend on that space.

When you know how much money you can spend and the size of the space you need, it's easier to focus on where you can or want to be located. Within your budget, you can scan for properties. There may be only one or two that fit your needs financially, or you may be able to choose from many. If you have options, look at the different areas and see which location is the best. Is one on a highway or next to a busy cinema? Is one near food venues or located out of the way? Think like a customer and pick a location that is primed for business.

When you're ready to buy, remember that you're going to need to look over contracts and rental agreements before you move forward. Your attorney can help you make sure you stay on the right side of the law during your real estate transaction.

Source: Accion, "General Commercial Real Estate Tips," accessed Jan. 20, 2016

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