3 Steps To Take Before Buying Industrial Space
Posted on: 7 February 2018
Buying industrial space is a much more difficult and confusing process than buying any other type of real estate, due to the many unique concerns that can come up during the process. Here are three steps to take before buying industrial space.
Make Sure That The Area Is Suitable For Your Use
The most important step to take before buying an industrial space is to make sure that the area is suitable for use. For example, if you're planning on renting it out to various manufacturing or other tenants that need industrial space, or if you're planning on putting in a factory on your own, it is very important that you make sure that the local zoning laws are going to be okay with those uses. Sure, the area may look to be quite industrialized, but you could run into issues where neighboring communities have been converted into shopping areas or residential areas, and they may require the area that you are in to comply with various noise ordinances and restrictions on the type of chemicals or materials that you can use at your facility.
Make Sure To Research The Rental Prices For Other Industrial Spaces In The Area
Another step to take before buying industrial space is to make sure to research the rental prices for other industrial spaces in the area. The reason for this is that if you are unaware of the other rental prices in the area and end up overcharging for your property, you are not going to get any tenants, and all of those prospective tenants will flock to your competition. On the other hand, if you don't know the local rental prices and undercharge for your rent, you are leaving quite a lot of money on the table.
Make Sure To Have The Entire Structure Thoroughly Inspected
Finally, it is even more important that you have the entire structure thoroughly inspected when buying an industrial space than it is when buying a normal home. The reason for this is that there are many concerns that need to be addressed in industrial spaces, such as the potential for residual harmful chemical spills, or even asbestos throughout the entire building. You will want to have someone look for those problems ahead of time, because repairing either of those issues can be extremely expensive and time-consuming to resolve.
Getting a piece of industrial real estate doesn't have to be difficult or time-consuming, provided that you take the appropriate steps before purchasing the space. Make sure that the area is suitable for your use, make sure to research the rental prices for other spaces in the area, and make sure to have the entire structure thoroughly inspected before buying any industrial space. Contact companies like The Schueler Group for more information on finding your own industrial space.
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