Buying Commercial Property
What to Consider Before You Purchase a Commercial Property in Dade County
You might never know when you will want to buy a commercial property in Dade County, Fl. You will need to consider a significant number of different things before you purchase a commercial building and we will go into detail of those things throughout the article. The very first thing we suggest you consider at the beginning of the process is what is the potential resale value of the property when it comes time to sell the property. To get a good idea of what that potential is it would do you well to find a local commercial real estate agent in Dade County that has been working in the county for a significant amount of time. The reason why we say this is that you will want to be able to take advantage of his or her experience in the commercial market and they will be able to show you the overall average increase in commercial property values in Dade County to give you an idea of what the potential profit could be in 5, 10 or 20 years and beyond.
As a commercial property owner, you will want to be able to list that property at the right time to get as much of a profit than you can! So, by doing your research ahead of purchasing a commercial property you will be able to have an idea of what the potential ROI could be!
The 30-Second Trick for Buying a Commercial Property
When you are entertaining the idea of purchasing a commercial property, you should have an idea of what you might be considering. You could be looking at industrial buildings, warehouses, office buildings, as you can see, there are several choices and you will want to know a little bit about the differences before you seriously have a commercial broker start their research.
Prior to giving your broker the direction of what you want them to focus on, it would do you well to do some research yourself. So here is the 30-second trick! If you are looking in Dade County and maybe specifically Miami, and you are from Miami, do a Google search for commercial properties for rent in Miami and look at the inventory. If you notice a large number of vacancies you might want to consider a different area, with limited inventory the rental prices can be higher and with a large amount of inventory available the pricing will need to be lower. Do the same search for Warehouse space, industrial space and from that little bit of research that should give you some idea of what you might want to focus on!
One other quick tip to think about is if the location of the properties is within a populated area. If you notice a good deal for a building and it is in an isolated area, it might take you longer to lease due to the commute. When you are thinking location, the criteria on where to buy and what to buy is a bit of a juggling act, so after you perform the quick little things to give you an idea of where to look and what to look for you will now be able to give your commercial broker an idea of where to start.
It is important that you have an in-depth summarization of what you are looking for, what your budget is and how much you are willing to risk. There is no magic formula other than research and educating yourself during this process. This is where having a commercial real estate agent with a significant amount of experience will be helpful, but make sure to do your homework on the broker as well!