Buying Commercial Property Checklist

Purchasing commercial property is an exciting and potentially lucrative endeavor. However, it’s important to approach the process with care and attention to detail.

July 10, 2023

Having a comprehensive commercial property checklist can help you stay organized and ensure that no crucial step is missed. Here are some key items to include on your checklist:

Determine your budget – Before beginning your search for commercial property, it’s important to determine your budget. Consider factors such as your financing options, desired return on investment, and any ongoing expenses associated with the property.

Identify your needs – Determine your specific space requirements and the type of property that best suits your business needs. Consider factors such as location, size, layout, and zoning laws.

Conduct due diligence – After making an offer on a commercial property, it’s essential to conduct thorough due diligence. This includes reviewing financial statements, inspecting the property for any issues or needed repairs, and researching any potential legal or environmental liabilities.

Hire professionals – Working with experienced professionals such as a real estate agent, attorney, and accountant can help guide you through the buying process and ensure that your interests are protected.

Review contracts – Once you’ve found a property that meets your needs and budget, it’s important to review all contracts carefully. Work with your attorney to ensure that the terms are favorable and that any contingencies are included.

Secure financing – Determine your financing options and work with your lender to secure the necessary funds for the purchase. Be sure to negotiate favorable terms, including interest rates and repayment schedules.

Marketing and tenant management – Once you’ve purchased a commercial property, ongoing marketing and tenant management will be necessary to ensure its success. This includes developing a marketing plan, screening potential tenants, and managing lease agreements.

Plan for maintenance and repairs – Commercial properties require ongoing maintenance and repairs to remain in good condition. Develop a plan for regular inspections, repairs, and upgrades to ensure that your property remains in top condition.

By including these key items on your buying commercial property checklist, you can approach the process with confidence and ensure that no crucial step is missed. Purchasing commercial property can be a complex and involved process, but by taking a thorough and organized approach, you can set yourself up for long-term success.

When it comes to land sales in Utah, Jody Jones with Align Commercial Real Estate has the knowledge and experience to help you through every step of the process. With years of experience in the Salt Lake Valley and a solid understanding of all of the challenges and steps mentioned above, Jody has the knowledge, experience and proven track record for finding a buyer, negotiating deals, and getting you the best possible price.

Contact Jody at 801-577-2175 today to learn more about her land sale services.