Starting up a small business is an exciting prospect, one that comes after several months of careful deliberation, if not more. You have to have a solid business plan, financial planning, business model, vision, and logistics sorted out to start operations.

Another important part of running a small business is choosing the right commercial real estate property. Your business location is incredibly important because it sets an impression on your customer. It also has to be in line with your core business and expansion strategy to ensure it can be an instrumental part of your future growth.

If you’re considering buying commercial real estate in the Rio Grande Valley, we have prepared a shortlist of tips to help you make the right choice.

Tips for Small Business Owners Buying Commercial Real Estate

Following are some of the most crucial things you need to consider when buying or leasing commercial real estate for a small business.

1. Location

Your business location needs to be accessible and in a well-maintained area. You also need to carefully deliberate upon the neighborhood you want to set up.. Your business should be close to where your target audience lives or areas they frequent.

2. Building Type

Determining the building type comes down to having a concrete image of how you want your business to grow. While you may be starting small, it is best to choose a location that can accommodate future changes as the business becomes more successful.

3. Comprehensive Due Diligence

Knowing the state of maintenance of commercial real estate property is one of the most important parts of the decision-making process. Always check with the seller about HVAC maintenance, possible repair work requirements, maintenance frequency, etc. to have an idea about what you will be getting.

Ideally, you should get the property professionally inspected before buying or leasing  to make sure no details get missed.

4. Financing Options

Commercial real estate understandably comes with a hefty price tag that you need to plan well in advance for. Make sure you do your research about the typical prices of the type of building you want for your small business in your desired neighborhood.

Once you know the cost, organize your finances properly to avoid getting your loan application for purchase rejected by the bank.

5. Tax and Insurance

In addition to general financing options and costs, you will need to consider the applicable taxes and insurance that would be a permanent cost you have to pay. Make sure it is manageable and covered in your planning and forecasting.

6. Consult People with Expertise

Last, but not least, consult with people who can use their experience and knowledge to help you. If you are looking for commercial real estate in the Rio Grande Valley, CHRE can help you make the right choice as your commercial real estate brokers. We have years of experience selling and leasing commercial real estate in the region and will leverage our experience and connections to find you the perfect property.

Conclusion

To conclude, when buying or leasing commercial real estate for a small business, consider the location, building type, and state of maintenance of the properties. Plan your finances according to the average cost of your preferred properties and always work with commercial real estate brokers to find the perfect place.

If you want to buy commercial real estate in Rio Grande Valley, please contact us. Our team will be happy to help you out.