Commercial Property: 10 things to do
Commercial Property: 10 things to do
2) Determine whether you are purchasing as a silent investor or as an owner occupier.
3) Determine whether you wish to be a long term owner targeting capital growth or alternatively as a short term owner.
4) Identify areas and types of property that you are interested in.
5) Take your time… As a prospective purchaser take your time and wait for the right opportunity. However this is a two sided coin and once a suitable property is found strike quickly and decisively to prevent missing out on the opportunity. He who hesitates is lost and you should be confident and reserved enough to pass over an opportunity if it does not stack up but also be able to act quick enough to secure an opportunity quickly.
6) Diversify, diversify, diversify! Never put all your eggs in one basket, spread your investments across a wide range of properties to minimise your risk.
7) Be prepared to invest in the maintenance/upgrading of the property. Too often owners purchase a property and leave it out to pasture reducing the quality of the property as well as its saleability. Regular maintenance/upgrading is the best way to build long term value and secure high quality tenants.
8) Be prepared to sell if the market is right and/or another opportunity becomes available. View your property as an investment and regularly re-evaluate whether or not your money would be better served being invested in another property. Markets, demand and outside factors are constantly changing so be prepared to sell and reinvest if need be.
9) Identify experienced, knowledgeable and trustworthy individuals who you can turn to for advice. Your neighbour, lawyer, accountant and/or friends are usually bad sources for commercial property advice (unless they are genuinely experienced in commercial property and know the market). It is important to concentrate on the numbers and not general opinion. Alternatively real estate agents, valuers and developers have the best knowledge and understanding of commercial property in any given area. My best advice is to find an experienced and trustworthy commercial agent to talk to and get impartial advice.
10) Build relationships. Whether it be with your tenant, valuer, lawyer, accountant or commercial agent you are more likely to reap greater value from your property when you have surrounded yourself with individuals who genuinely have your best interests at heart.
Commercial Property 10 things to do - To learn more about this author, visit Benjamin Jones's Website.
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1) Work out your budget parameters (how much money you are able to spend taking into account your finance options and cash - flow).
2) Determine whether you are purchasing as a silent investor or as an owner occupier.
3) Determine whether you wish to be a long term owner targeting capital growth or alternatively as a short term owner.
4) Identify areas and types of property that you are interested in.
5) Take your time… As a prospective purchaser take your time and wait for the right opportunity. However this is a two sided coin and once a suitable property is found strike quickly and decisively to prevent missing out on the opportunity. He who hesitates is lost and you should be confident and reserved enough to pass over an opportunity if it does not stack up but also be able to act quick enough to secure an opportunity quickly.
6) Diversify, diversify, diversify! Never put all your eggs in one basket, spread your investments across a wide range of properties to minimise your risk.
7) Be prepared to invest in the maintenance/upgrading of the property. Too often owners purchase a property and leave it out to pasture reducing the quality of the property as well as its saleability. Regular maintenance/upgrading is the best way to build long term value and secure high quality tenants.
8) Be prepared to sell if the market is right and/or another opportunity becomes available. View your property as an investment and regularly re-evaluate whether or not your money would be better served being invested in another property. Markets, demand and outside factors are constantly changing so be prepared to sell and reinvest if need be.
9) Identify experienced, knowledgeable and trustworthy individuals who you can turn to for advice. Your neighbour, lawyer, accountant and/or friends are usually bad sources for commercial property advice (unless they are genuinely experienced in commercial property and know the market). It is important to concentrate on the numbers and not general opinion. Alternatively real estate agents, valuers and developers have the best knowledge and understanding of commercial property in any given area. My best advice is to find an experienced and trustworthy commercial agent to talk to and get impartial advice.
10) Build relationships. Whether it be with your tenant, valuer, lawyer, accountant or commercial agent you are more likely to reap greater value from your property when you have surrounded yourself with individuals who genuinely have your best interests at heart.
Commercial Property 10 things to do - To learn more about this author, visit Benjamin Jones's Website.
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