7 Tips to Buying Miami Commercial Real Estate

by Isaac Benmergui, Esq on July 27, 2012

Before you signed on the dotted line for your new Miami commercial real estate, keep the following tips in mind to protect yourself and ensure that you’re making a sound investment:

  • Take pictures of any defects that you want the seller to fix or that you can use as a negotiating tool to bring the purchase price down.
  • If it’s an older building, consider the cost of major repairs. A roof will eventually need work, the electrical system may be dated, as well as the heating/cooling system. Systems have lifespans.
  • Consider the growth of your business and the ability or inability to expand if needed.
  • Consider financial partners from business associates to family and friends in order to guarantee an adequate cash flow. If they own a percentage of the property, they can assist on major repairs or expansion.
  • Do some research on the local economy. What is the community income average? The local employment rate? Are businesses opening or closing in the area? Property closer to universities and hospitals will have a much higher value and will sell fast should you need to do so down the road.
  • Find a lender before you make an offer. Get the details in order so you won’t lose the property to someone who already has the financing in place.
  • Hire an experienced commercial real estate attorney. Commercial real estate closings can be fraught with complications. Make certain your attorney is comfortable with commercial buying and selling transactions.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your commercial legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

Previous post:

Next post: