You hear it all the time in real estate- “location, location, location” and it is even more vital when choosing your commercial property. As you search for the perfect building, keep in mind these 10 tips for choosing the perfect location.
1. What is near the space you want to buy?
If you want to purchase an apartment complex, is it right next to the dump? If you want to purchase a house for college students to rent- what is the walking distance to campus (as a lot of kids don’t have cars as a 19 year old). Looking at what is around your property is very important in choosing if it is the right investment.
If you want to start up a fast food type of restaurant in a place that has tons of competition, you may want to consider its visibility to the nearest busy road. Many businesses can benefit from being highly visible to people passing by. This is where signage can also play to your favor.
3. Parking/ Accessibility
One of the most stressful things is finding parking in downtown anywhere. Choose wisely. Does your space have a lot nearby? Is that lot free? All of those factors will play into your success.
Are there any zoning restrictions or ordinances that could affect your business? You probably don’t want to open a bar right across from the local elementary school (this will make for angry parents and could go against the city’s rules).
5. Style of Business
Will your operation be formal or kicked-back? Would it be more effective as a kiosk or traditional store? Consider the pros and cons of all of this before purchasing your property.
Who will be your audience/ customer? Upper Class? Middle Class? Consider this when you are finding a location as the community will greatly impact the success of your business!
Who is around your perspective property? If you are wanting to create a Mexican restaurant and the well-attended and already established Mexican restaurant is right down the street, that may not be the ideal location. However, if you are creating a women’s boutique and there is another one nearby, that may be good for business as your clientele are already shopping nearby and it would be easy and convenient to stop by your store with similar style.
8. Appearance and History of the property
You are creating an image for your company through your social media presence, attitude of workers, and building. Make sure these all reflect the image you want to go for. Ask about previous tenants. If you are opening a restaurant and that spot has had multiple restaurants with little success, you may want to move on.
9. Space and Layout
If you are looking for office space, make sure the building has the arrangement that you want and the ability to maximize the space. Same goes for restaurants, boutiques and any other commercial space.
10. Utilities and other costs
Although purchasing the property is the first step, there will be a lot more expenses along the way. If the building has a terrible ability to retain heat and you are building in Minnesota, that may not be worth the “steal of a deal”.
If all of this is overwhelming for you, that is okay. That is what I am here for. I can provide you with the information you need to find a property that is within your budget and works for you location-wise.