Whether you are looking for affordable housing or space to start a business, whether you want to lease it or buy it, there are numerous things you should take into account before making the final decision. There are taxes, agreements, location, legal strings, and the quality of the building. In the case of commercial spaces, there is your credit history and your ability to lease a space, and the landlord can also ask for further requirements, which might make you underqualified.
As you assumed, the list goes on, and that is why we selected a few important things to keep in mind when looking for real estate.
Location is everything
You’ve heard it before, and you are quite aware of its importance. Location plays a major role in choosing real estate. In the case of housing, you’ll want to look for a district known for its quiet neighbourhood and great schools, while still being affordable. In the case of commercial spaces, you’ll need a top location where people regularly pass by, which will increase your chances of scoring more sales and leading a more successful business. Top companies, such as McDonald’s or Starbucks always go for specific spaces which are near sidewalks of pedestrians increasing their chances of making more sales. Zoning is the classification of locations according to the type of business you’ll be starting. Administrative and business offices, retailers, medical offices, stores, industrial manufacturing, food preparation, and sales fall under completely different categories yet allow you to narrow down the specific location most suitable for your business.
In the case of housing, you’ll need to consider your future life there, how far it is from the city, the taxes you’ll have to pay on the property, and whether it is a location that will only increase the value of the property over time. There is a lot of thinking involved, and as you probably assumed, it will take some time before you make the right decision.
Cost of living
Under cost of living, we mean taxes; how much will it cost you? Can you afford it with your current credit history? And, in the case of commercial spaces, how can you rent them, and what is the minimum lease time? In the case of apartments and housing, there are property taxes, utility bills, and homeowner’s insurance. The tax can increase depending on the building and size of the property. A larger backyard means paying more, although it also depends on the specific location and zone. Homeowner’s insurance is something we strongly recommend as it ensures your safety and prevents any additional spending in the case of an accident. With commercial spaces, it is a bit different. For example, you’ll have to consider the length of the lease, rent costs over a longer period of time, and all the other legal strings depending on the kind of agreement you make with the landlord.
The best way to find commercial real estate is to consult yourself with advisors who will make sure you are getting the best deal, at the best location, and at the most affordable price. Advisors will make sure to check the landlord’s reputation; they’ll help you with choosing the right district depending on the type of business you want to start, and they’ll make sure to look at other costs as well. As assumed, all the costs of living can amount to quite a number, which is why you should look at your credit history and talk with your bank about possible loans, the interest rate, and the timetable for repaying the debt. Also, make sure to consult with your closest friends and family members, as someone’s experience can be very useful in making the right pick.
You can always ask around, and ask the other tenants of a commercial space or the neighbourhood if you are looking for housing, as it will give you a pretty good idea of how well the space is.
In the case of a house, you’ll want to look at building quality, the kind of material used, and how sturdy and stable it all looks. In the case of commercial spaces, make sure to pay attention to the size of the property, if it has all the needed installations if you have access to telecommunications and electrical power, and other relevant things.
In both cases, pay attention to the flooring and the ceiling. This also goes for apartments. Apartments should be inspected thoroughly as you share a space with many tenants and most of the installations are within the walls. Therefore, pay attention to the quality. Are there any stains, yellow marks, mould in the corners, or anything else which might indicate the poor quality of the real estate? Don’t settle down for anything less than perfect as you are paying good money to buy it or rent it.
Recommendations and Reviews
Last but not least, come recommendations and reviews. These factors play an important role in making the right decision. We have already made a couple of remarks regarding this. We said to ask around and make sure the owner or landlord is someone reliable and who will adhere to all the contract terms you both agreed to. Also, make sure his or her recommendations are excellent, and the reviews are encouraging. You can ask your agent, advisor, or a friend about these specifics, and sometimes you’ll also have to listen to your gut instinct.
In any case, the perfect property does not exist per se, but you can always look for something that just soothes all your needs and requirements. Especially in the case of buying a property, as it is an enormous investment, make sure to take your time. Even in the case of leasing commercial spaces, you’ll want to consider all the above as, after all, you are starting a business. We wish you the best of luck.