Making the leap to purchasing a retail space requires thorough research and planning.
With the national real estate vacancy growing higher, you may find it easy to want to jump right in with the first property you find. To avoid headaches down the road, consider the following to find an ideal match.
1. Verify zoning
Even if you think you have found the perfect location, you still need to check for proper zoning. Verifying this information saves you from a potentially expensive and useless investment. Depending on the area, you may have the option to get it rezoned or get a permit.
2. Check for competition
If choosing a location in a bustling area of Indianapolis, do your research when it comes to competition. Other businesses may have found the same property an ideal location or have set up shop nearby, which could have a negative impact on your business.
3. Focus on needs
The more properties you look at, the more overwhelmed you may feel. As you take tours, create a checklist of all the things you must have to succeed. Make another list of non-essential items that you could live without. This allows you to rank future locations based on your needs.
4. Get an inspection
After a site checks all the boxes, the excitement quickly builds. Before letting it take over, ensure you get the building thoroughly inspected. Along with a structural assessment, have the building’s systems checked, including the HVAC system and sewer line.
Any commercial property comes with a high price tag. Doing due diligence during your search helps you make the most out of your money.