Commercial real estate investment can bring in rich rewards and is one of the best ways to make a stable income without actually working. People with enough capital to put into property stand to make a lot of money by investment in the right type of real estate at the right time.roofing contractors toronto Let’s look at the factors to consider before settling on a purchase.
Examine the exterior
The exterior of any building must look presentable because that’s the first thing lessees and buyers notice when they pay a visit. A shabby exterior, peeling paint and beams that look ready to fall aren’t worth a second glance. Even if you intend to renovate it you still have to assess how much it’ll cost you. So, if a building looks in need of a lot of work it probably does need a lot of work and will count towards expenses.
Inspect essential building components
Essential components here refer to flooring, the roof, foundation, walls and other structural elements. You can ask for an official building inspection. Components that aren’t in top shape are unsafe and can cause problems in the future. You’ll also be saddled with more expenses and can be sued if lessees sustain injuries because of their poor state.
Utilities like HVAC and plumbing are among the first points customers note. Well-lit interiors with sufficient natural light, ventilation and thermostats divided into zones will entice lessees who may be willing to pay more. Not to mention, health concerns will be minimized because a properly designed interior leaves less chance of contracting illness.
How secure is the neighborhood?
This matters even more as we live in trying times. Research the crime rate of the neighborhood and personally visit the site several times a day. Aside from influencing your decision to invest, it will give you an idea of what kind of security system needs to be put in place such as CCTVs, alarms etc.
A customer in his right mind will not rent a place that’s unsafe and this is especially true for women. If lessees have to work night shifts they going to want some assurance that the neighborhood is not a hot spot for criminals.
How easy is it to gain access to parking, elevators, exits, entryways, the lobby and storage areas? Whoever decides to rent the place will be looking for convenience. If the site has no provision for people with disabilities you’ll have to construct ramps both outdoors and indoors and dedicate parking space. Even if the law doesn’t require it, considering the needs of the disabled will go a long way in helping attract customers.
Decide on making improvements
You may feel that walls are better broken down to make way for larger rooms. Or, you might want to install more windows to facilitate entry of natural light. Whatever the case, improvements related to renovation should be decided with the help of expert input. Architects and structural engineers can be consulted who can help you figure out what improvements can be made and if any even need to be made. This point is especially important for people looking to rent a space rather than purchase it because negotiations with the landlord will go smoother.