The process of buying commercial property is quite different than buying residential property. You have to make sure that the property works for your intended use, or you could be stuck with a building that you can't use to make money. Here are some questions to ask your commercial realtor.
What Kind Of Commercial Zoning Is Needed?
The first step towards finding commercial real estate should be talking with your realtor about the type of business that you want to run. The biggest challenge you may run into is finding a building in the right area that is zoned for your business.
For example, if you want to open a bar in a specific city, you may discover that there are limitations to how many bars are allowed to operate within a certain area. These laws are designed to give a variety of businesses to a community, but it can be confusing when you go to start a business.
Did The Previous Owner Have A Variance?
If you are taking over the building of a previous business that is similar to the one you want to start, do not assume that the building is zoned properly for your needs. It is possible that the previous business owner had a variance, which means they were allowed to create their business in that location without it being properly zoned. Variances are given out on a case-by-case basis, you you would need to reapply for a variance before you purchase the property.
Are There Local Sign Laws?
Advertising your business is crucial, and it all starts with the sign that you put up in front of your building. However, local laws can have restrictions on the type of sign that you put up. There may be limitations where you are not allowed to use lights, or that they have to look similar to other buildings in the area so that businesses look unified.
Don't be caught off guard with the sign laws after you buy the property. If you are worried that being unable to advertise your business with a flashy sign will hurt how busy you are, consider finding a commercial property in a new location.
These are just a few questions you may have for your real estate agent regarding commercial property. By working with them from the beginning, they'll be sure to find the right building that will work great for your business.Share