Real estate purchase involving older property may not be ideal

| Oct 30, 2018 | Development

In Massachusetts and other areas of the United States, older commercial properties have essentially become magnets to investors and tenants. A major reason for this is that these properties are often viewed as having more character than their more modern counterparts. However, before moving forward with a real estate purchase involving an older property, it is critical to determine if it is adequate from a technological standpoint.

Transforming an older property into one that is cutting edge can certainly be exciting. At the same time, incorporating technology into older properties can be challenging sometimes, if not impossible. Examples of technologies that are taking new properties by storm are those used for monitoring a business’s premises, facial recognition and accessing a business by using a smart phone.

Due to the above mentioned challenges, many investors are focusing on buying newer properties. These types of buildings are especially popular among media companies or startup ventures. Because they are newer, they not only accommodate modern technology more easily but also they eradicate many of the problems that come with older properties designed to hold fewer employees. For instance, waiting for an elevator or a bathroom stall might not take as a long in a newly built building.

Deciding whether to buy new or old commercial properties is only half the battle, however. The other half is figuring out how to deal with the legal aspects of a real estate purchase transaction. An attorney in Massachusetts can help buyers navigate these types of purchases, ensuring that their rights and best interests are protected during all phases of the process.