Finding amazing commercial property for sale in Corona can be challenging if you don’t know where to start. If you are a first time buyer, it’s especially important to familiarize yourself with the different aspects of investing in a commercial property. This page explains the different qualities to look for in a commercial property so you know exactly what you want.
What to Look for with Commercial Property
When you start your search for a commercial property to invest in, you should think about the wants and needs of your future tenants. Depending on the type of property you purchase, you will attract different business owners and tenants. It is important to consider what type of tenants you want and what they will need in a space. Here are some factors to consider:
Location
With commercial property in Corona, location is everything. You should typically choose a commercial property that is in a prime location for tenants to move into. Great spaces are in populated areas and locations that are just off of major roads or highways. When considering commercial property for sale in Corona, look at the businesses in close proximity to the property you are interested in. Try to get in the mind of tenants and their consumers and ask yourself if it’s in an appropriate location.
Size
The size of a commercial property is more important than many people realize. The property needs to be large enough to fit a tenant’s business. Their should be enough space for the clients, products, staff, etc. On the other hand, you don’t want the commercial property to be too spacious to the point where no one can afford it. However, take note that too much space is rarely a concern for a tenant as long as it fits their price range.
Try to find a happy medium for all different types of tenants. Your commercial property should be affordable for tenants and have just the right amount of space. Depending on the types of businesses you want in your property, you will need a specific size. Don’t hesitate to do some research on the average space needed by specific industries. The more you know about the expectations of tenants, the easier it will be for you to find a commercial property you and your tenants will love.
Appearance
When you look at commercial property for sale in Corona, be sure to inspect the appearance and style of each property. The physical appearance and style of your property is important. Many business owners will look at your property and ask themselves, Does this match up with what my customers will want? Your goal should be to find a space that most business owners will feel comfortable using.
You can also allow your tenants to make minor changes to your commercial property. This is usually a selling point for tenants, as everyone wants to make their space feel as if it’s their own. Some tenants may request to change paint colors, while some may request to knock down walls. Be prepared to get these questions once potential tenants start looking at your property. As the landlord, you get to decide what tenants can and cannot do. Keep in mind, tenants will appreciate some flexibility.
Costs of Owning Commercial Property in Corona
When you look at the different options of commercial property for sale in Corona, don’t forget about the additional charges on top of the purchase price. There are many costs associated with owning commercial property. If you are prepared for these costs, you can work them into the monthly rate you charge your tenants. Consider these costs when deciding on the right commercial property for you:
Property Taxes
Just like with residential real estate, you will have to pay taxes on your property. The tax rates depend on your specific area, so be sure to ask your commercial broker what the tax rates of each property are. You should also note that property taxes are a variable expense. This means the rates can fluctuate each year, and oftentimes, that means they increase. You are able to work these taxes into your fees as a property owner, but you will need to stay on top of rate changes.
Utilities
Most commercial property owners charge their tenants for their utility bill. Utilities can be very expensive to pay as a property owner, so it is recommended to have each tenant pay for their own utility expenses. Before you purchase a property, make sure the utilities work properly. You don’t want to pay to fix utilities before tenants move in, as this will be an added cost to you.
Renovations
When you purchase commercial real estate, there is a chance you will need to do some renovations to your property. Hopefully, these renovations will be inexpensive and not time consuming, so you can get tenants moved in. You should also keep in mind that you will have to make improvements to your property over time. This is so your property can continue looking good and stay updated for tenants.
Repairs
If your commercial property needs a new roof, has plumbing issues, or has a broken air conditioning unit, you will need to fix it. Owners of commercial properties are expected to pay for repairs when they do not arise because of a tenant. These expenses only come up every so often, but do budget for them.
Ready to Purchase Commercial Property in Corona?
Now that you have read this page, you probably have a better idea of what to look for in commercial property for sale in Corona. If you are ready to start the search for your dream property, it’s time to proceed to the next steps. The best thing to do is contact a local commercial real estate broker. They will help you find the perfect place that fits your needs as an owner.
Are you looking for commercial property for sale in Corona? I help buyers find their ideal commercial properties. To learn how I can specifically help you, please connect with me through the contact page on this website.
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