When you need a new business location, finding the right premises can make or break your company. It can determine how easily customers can find you, how much you have to pay in monthly rent and yearly taxes, and how much crime your business is exposed to. Location is everything when it comes to real estate, and there are a lot of factors that can determine how good your commercial location ends up being.
Parking Areas
Your commercial property needs plenty of parking spaces nearby both for your employees and for your customers, assuming your business has direct customers. A small parking area can quickly fill up and convince customers to shop or eat somewhere else, and it can be inconvenient for employees if they have to park somewhere else. Factories and offices should have enough parking to handle two shifts at once, and retail businesses should make it easy for customers to find their parking lot.
Neighborhood
The neighborhood that surrounds your business can have a big impact on how well you do. If the local crime rate is high, your business may have to deal with robberies, burglaries, and employee theft. Neighborhoods are especially important to retail stores and restaurants, since both have to appeal to locals if they want to make a steady income. Your local neighborhood can also influence what kind of employees you can find to work at your location. You might also run into issues with zoning restrictions depending on what kind of industry you’re in.
Building Integrity
Older buildings need more maintenance and money to keep in good shape, especially if it’s been a long time since the last remodeling. Old buildings can also come with hazards like asbestos insulation, musty vents, weakened roofs, cracked foundations, and so on. On the one hand, run-down buildings can mean getting a good deal on a lease, plus most of the issues are the land owner’s responsibility. On the other hand, terrible conditions can be bad for employee morale and drive away customers.
Total Costs
Before you buy a commercial property, do your research and find out how much other businesses are paying for similar properties. This will let you know how much to expect from property expenses going forward, and whether the real estate agent is offering you a good deal or a high price. You should also make use of third-party inspectors who can find out whether the property has any hidden issues and read the lease agreement carefully so you don’t miss out on any unexpected fees or responsibilities.
Location is the first and last word in the world of real estate, and it’s also a very important factor in whether a business does well or whether its expenses keep piling up. So if you want a new business location, make sure you choose a good agency like Titan Lafayette Real Estate. Whether you need commercial or residential property here in our area, you can count on Titan to get a comprehensive and customer-focused experience.