If you are trying to get the most out of your real estate portfolio, it pays to get a good mix of residential and commercial real estate. Today, mixed-use properties are popular because you get to add some condos to an area that has retail or office space. By taking the time to thoroughly vet each commercial property transaction, you can capitalize on a great opportunity and diversify your real estate portfolio with some great commercial properties. Consider the points in this article to get started.
Make sure to get a property condition assessment
When you'd like to get the most out of any commercial property transaction, it all begins by setting a solid foundation. One of the best ways to do this is by reaching out to a company that can offer you a property condition assessment. By getting one of these assessments, you will be thoroughly doing your due diligence before investing in a property that doesn't suit you. A property condition assessment covers things like the site of the building itself, and includes the geography and topography, a look into the building's electrical, plumbing and sewage utilities, a roof and foundation inspection, property value assessment, and so much more.
A property condition assessments will give you a no-nonsense overview of the property to help you know whether it's worth your time and money to move forward with the purchase. Getting one of these assessments can cost you anywhere from $500 to more than $10,000, depending on the property and the amount of work involved. You owe it to yourself to get one of these assessments before moving any further with a commercial property.
Put the right professionals in place to assist you and always keep records
In addition to hiring the right company to handle your property condition assessment, make sure that you are also doing everything that you can to seal the deal on the rest of the transaction. This means talking to several lawyers and other professionals to make sure that your financing is processed correctly and every part of the negotiation is hammered out in detail.
Keep thorough records of every part of these transactions so that you are able to pull them up for clarification or legal purposes whenever necessary. As long as you have a great team helping you with your commercial real estate transactions, you will be taken care of throughout the entire process.
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