Do you have your eye on a commercial property? Here’s what to look out for before you attend the investment property auction.
Have you done your research on the property?
Before you buy commercial property, it is of course vital to ask the important questions before the auction day comes around. What are the recent sale prices of comparable properties? What is the property zoned for, and could this knock potential tenants and businesses out of your market? Remember, there will be restrictions and opportunities for both commercial and industrial property for sale.
What’s happening nearby?
One of the key aspects of the property is its location and how this will expand in the future. What is the vacancy rate of surrounding properties? Select the right location and you’ll have very little trouble finding suitable tenants. Choose the wrong one, and your investment could potentially sit unoccupied for months on end while you’re searching for tenants. If there are any developments to begin nearby in the near future, consider how these are likely to affect the traffic and accessibility to your property investment.
Will the property complement your existing portfolio type?
You’ll likely have short-term and long-term plans for your portfolio, whether you’re focusing on aggressive growth, a diverse range of investments or sustained income. Does this particular property fall into line with your portfolio type and your future investment goals? A logical approach to your next commercial investment property will help you make smarter, strategic moves towards your investing objectives.
View Burgess Rawson’s available commercial real estate for sale at auction, and if you’re looking for a specific type of commercial investment property, get in touch with the team.