Buying commercial property is a whole different method than purchasing a residential home. You certainly have different priorities than you would if you were interested in buying a home and there are different things to look out for as well. If you're interested in commercial properties, you first want to make sure you're working with an agent with plenty of experience in that particular type of property. Just like there are agents that specialize in condos or detached homes, there are commercial agents who can help you find a storefront or a factory. Once you have the right agent, it's time to find out exactly what you're looking for in your commercial property.
Location is a big decision when it comes to commercial real estate. If you're opening a store than you're going to want to be somewhere where there is a lot of foot traffic. If instead you're buying a space to use as a warehouse, you're going to need somewhere that is accessible but will probably want to save money by looking outside of the city center. Discuss different options with your realtor and decide what is the best location for your business.
Your mortgage will also be a large factor in the type of property that you can buy. Like with personal mortgages, there are many different options when it comes to financing commercial properties. Research mortgage brokerage options (try Cannect) and make sure that you find a plan that works for your business. You may want a mortgage that can be paid off very quickly as income starts coming in from your business or be interested in one that is paid over a longer period.
Consider renovations and additional equipment that might need to be added into that commercial space to make it workable for you. When you're deciding a lending amount with your real estate broker and mortgage specialist, you want to include all of these costs into it. If you're opening a restaurant but you decide to purchase a store space, that's going to be a lot of extra cost. Make sure that once you own the property you can still afford everything that needs to be done after that.
Like with a home, you want to make sure you do all of the proper research on a commercial property before you buy. Get an inspection done and put time into making sure that you talk with your realtor and commercial mortgage company and find out if the asking price is reasonable.