Buying commercial property is a big decision that requires careful thought and planning. The following tips and suggestions will help you find the best deals on Toronto commercial real estate listings.
Start By Selecting A Location
The location of the property plays a major role in its profit potential. Whether you are buying an apartment building, retail space, warehouse facility or any other commercial property, its location will dramatically impact the earning potential of your business.
For retail space, look for buildings in high-traffic areas that are growing. This will help make it easier to get noticed and get customers through your door.
Residential properties typically also benefit from being located in active parts of town. Look for buildings that are close to parks, shopping and other amenities. Sidewalks and parking usually also factor into how easy it is to rent out the space.
Warehouses should be located in an area of town where it is easy for trucks to access, helping to ensure that deliveries get in and out with as little hassle as possible. Additionally, you need to check local zoning regulations to make sure that your business activity falls within the allowed use parameters.
Have Plenty Of Cash On Hand
Commercial properties tend to require larger down payments than residential properties. Make sure that you have plenty of cash available for a down payment before you begin your search.
If you are short on funds, you may want to consider teaming up with another investor. Often by pooling your resources with other like-minded individuals you can invest in more profitable properties than you could afford on your own.
Think Outside The Box
Most investors stick to traditional properties such as apartment buildings or retail space. However, there are plenty of creative investment opportunities available if you keep an open mind. For instance, mobile home parks, industrial space and land can all provide a good return on investment as long as you do your due diligence.
Getting a great deal on Toronto commercial real estate is easy when you know where to look. By choosing a great location, having plenty of cash on hand so you can act quickly when good deals pop up and thinking outside the box in terms of the types of properties you want to invest in, you can get a fantastic deal that will continue to pay off for years to come.