Investing in commercial estate is more profitable than investing in residential property. This is due to the higher rental yield as compared to residential properties. Commercial property generally has little turnover and vacancy periods are shorter. All this makes an investment in commercial property more lucrative than a residential property.
If you are considering buying a commercial property, then it is imperative that you hire a real estate attorney Boca Raton, as commercial transactions have legal and compliance issues that must be taken into consideration. You will need an attorney to navigate those.
Here are some of the things you should consider before investing in a commercial property:
- Location: Location is the cornerstone of all commercial investing. Any commercial property in a prime location is the first pick for an office or for retail use. Local zoning ordinances will govern the type of business that can take place at that location.
- Neighborhood: Check the neighborhood’s overall reputation including crime rates and look for any competing businesses. People are more likely to visit safe areas with good social infrastructure, such as localities with restaurants or retail stores.
- Facilities: It is essential to scout the facilities and essential amenities available in the area where you are planning to buy commercial property. Is it close to your client base or vendors?
- Seek advice: Hiring a real estate attorney Boca Raton is a smart move. An attorney can help you understand and comply with zoning laws, submission compliances, and other commercial expenses such as building insurance and property taxes.