Real estate acquisition is costly. So as a business owner, exercising caution is necessary to get this precarious endeavour right. Failing to study and adequately plan can lead to numerous issues down the line, such as unanticipated costs, insufficient subsidization, poor layout, etc. Even though real estate prices have increased, the utility of owning over renting for business owners has stayed the same.
CMS Real Estate Ltd. is an industrial and commercial real estate company in Calgary. And with over 35 years of industry experience, our expert team is here to help you find the ideal industrial and commercial property for sale or lease.
So if you’re wondering how to make a successful real estate acquisition, you’re in the right place. Here are 5 simple tips to get started.
1. Zoning Requirements
An integral aspect of acquiring real estate you need to be aware of is zoning requirements. Zoning laws are a critical component of land and infrastructure use in towns and cities. These laws enable local governments to ensure a city layout that matches the development mould so various properties can coexist. It would be beneficial to arrange for consultants to assist with permits required from the city.
2. Ensure Your Finances Are in Order
Approval for commercial real estate financing takes work. Bankers will insist on seeing financial statements and proof that your business is retaining the profits you generate. Each of these variables will contribute to you getting the commercial real estate loan you need.
Browse around for the most suitable financing packages. But remember, while the interest rate is crucial, it’s not everything. Other variables, such as the ratio of purchase a bank is willing to invest, are just as essential.
3. Communicate with an Accountant
A persisting problem in industrial and commercial real estate is affordability. So before going to a financial institution, consult an accountant to decide on your budget. Ensure any hidden costs are included. Another component an accountant can help you with is tax implications. This topic is complicated in real estate dealings.
That’s why it’s crucial to communicate with and gain counsel from an accountant who understands the details of industrial and commercial real estate transactions.
4. Know the Real Estate Market in Your Area
Before deciding what to purchase, business owners should pay close attention to where they are making that purchase. Every local market has individual tax rates, land inventory, and environmental problems. The stock of proficient labour in the area should also be considered.
5. Review local Improvement consultants & contractors
Arrange for consultants to assist with drawings and permits required by the City. Obtain a sufficient number of quotes for the renovation changes necessary for your new space to provide a comfort level for the total costs expected and the quality of the improvements.
How CMS Real Estate Ltd. Can Help You
You are setting your business up for future success by opting to own rather than rent. In addition, owning gives you more authority over your property and will save you more money in the long run. At CMS Real Estate Ltd., we offer industrial and commercial real estate services encompassing sales and leasing, property management, and mortgage brokerage services.
If you’re interested in learning more, contact us today for additional information on how CMS Real Estate Ltd. can help with your industrial and commercial real estate needs.
Disclaimer:
The material presented in this blog is provided for general information and educational purposes only. It is not a substitute for professional advice. All information is subject to change regularly and without notice. CMS Real Estate Ltd. assumes no responsibility for any errors in the information provided, nor assumes any liability for damages incurred as a consequence, directly or indirectly, of the use and application of any of the contents of the blog/website page.