You’d be very hard-pressed to find a company or business owner whose main goal was not to be successful. That’s because most people don’t build companies just to watch them fail. They instead invest wisely and make efforts to help their business grow and expand down the road.
Although expanding to new locations is an incredibly exciting adventure, business owners should always remember to maintain a level head about purchasing or renting a new commercial property. This is because allowing your focus to stray from what’s best for your business can lead to commercial real estate issues that may leave you with a deal that isn’t in your company’s best interests. Let’s take a look.
When it comes to expanding to new locations, there are a few things you should ask yourself about the commercial real estate transaction you are about to make. Here are some good questions to consider:
- Are there any issues with zoning or land use?
- If you’re purchasing land, will construction negatively impact the environment?
- Do you need to negotiate a lease agreement?
- Do you know if you are getting a reasonable deal on the purchase price?
- Do you need to secure financing before the transaction?
As you can imagine, these are not the only questions that should cross your mind when considering buying or leasing property. There are a lot of other things to consider such as whether or not the location will generate the foot traffic necessary to increase revenue, or if there are territory restrictions that could prevent you from expanding to that particular area.
If you’re like most people, you might not have the experience necessary to think of all the things you should consider before making an important real estate transaction. This is why you are encouraged to speak to an attorney, such as those found here at Seder & Chandler, LLP, who does have the experience and knowledge you need to make the right real estate decisions for your business.