Investing in Calgary’s industrial real estate property requires know-how. The best way to fully understand everything about this type of investment is to enlist in the services of a qualified brokerage like CMS Real Estate. Working with a licenced agent offers you protection, selection, and most of all a wide range of knowledge to help you make an informed decision about a property purchase. To be successful with your industrial property investment, here are several things to consider.
Are you looking for an industrial property to use as an owner/user? Or are you considering investing in something that may require industrial property management for a tenant or multiple tenants? Before you go ahead with a random purchase, you should speak with your industrial real estate professional about the pros and cons of your investment.
Many industrial sites are subject to environmental hazards. You want to ensure that the business that is currently operating at the site has been following the specific environmental regulations concerning any use of chemicals or toxins. Purchasing a property without an environmental assessment could end up costing you a whole lot of money to “clean up” contaminated soil on the subject lands and adjacent properties. Before you sign the waiver of conditions, make sure any environmental concerns have been rectified.
If your purchase of an industrial property involves a tenant, it is always a good idea to make sure there is a long-term lease in place. Having a lease ensures that your tenant is committed to paying a specific amount of rent and/or operating costs. You will be able to budget for any necessary repairs knowing how much cash flow the building has. A long-term lease is also a benefit to potential buyers should you choose to sell the property at a later date.
As with many real estate transactions, the location is important to successful industrial property investment. Depending on the industry, you may require certain zoning or land use regulations from the specific municipality. Think about any future development you may want to consider like expanding the building, using the yard for storage or a different type of usage. If you are considering building an expansion to a specific structure, make sure you know the restrictions and setbacks before making the purchase.
CMS Real Estate in Calgary has seasoned real estate agents who can answer questions regarding your industrial property investment. Whether you need industrial property management or want to self-manage on your own, get some expert advice from your real estate brokerage.
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