Whether you’re looking to buy Long Island commercial real estate for your business or as an investment opportunity, there are always plenty of complicated details that you may be unaware of. The process of purchasing a property of this scale is difficult enough, so you should want to make sure you are extremely familiar with every step along the way.
3 Steps to Owning Long Island Commercial Real Estate
1. Conduct Research
If you’re in the market for purchasing a Long Island commercial real estate property, there are several important questions you must ask yourself before you begin the search:
- What are the needs and requirements of the ideal space you’re looking for?
- What are your company’s unique functions?
- Is there somewhere that‘ll be conducive to your business’s success?
This preliminary research will help you narrow down your choices so your search is more focused. You’ll be able to spend less time looking at properties that you’ll never buy.
You should also do your homework on the various neighborhoods and towns that are possible locations for your business or investment. If you have employees, consider their individual needs and determine which area would work best for their commute. They are an essential part of your company’s success, so their opinions should never be taken lightly.
2. Hire Expert Assistance
Unfortunately, you aren’t going to be able to buy a commercial property all by yourself. There are several professionals that you can enlist to help seamlessly guide you through the process.
Real Estate Broker
An experienced commercial real estate broker will be able to locate properties that align with your unique needs. Some people may resort to online property searches, but a licensed broker will be able to show you exclusive locations that aren’t available to the public. They’re also highly experienced and familiar with this process and can answer any question that comes up.
Next, if you don’t have one already, hire a real estate lawyer. They will help you sort through local and state laws to make sure your property is on solid legal grounds. They will also be able to deal with the specifics of your property’s contract to ensure its accuracy and authenticity.
Finally, don’t forget to hire a certified public accountant to handle all of the financials involved in the deal and guarantee your money is well spent. Remember, this is quite a major expense, so it doesn’t hurt to be as cautious as possible.
3. Due Diligence
Before the property’s final closing, there are a few more tasks that must be completed.
Visit a Bank or Lender
Take a trip to a bank or lender to secure a loan for financing your Long Island commercial real estate property. They will take a close look at your financials, alert you to potential savings and, if all is in order, approve your loan.
Don’t forget to contact an insurance agent so you are aware of all the coverage and policies that come with the commercial property. This will ensure that there are no big surprises that’ll pop up after closing.
Lastly, commission a property inspection to verify that every little detail of the commercial property is in pristine condition. If there are any issues, the seller should have to resolve them before the final closing.