On this blog we talk a lot about starting and running a business in order to help new and seasoned entrepreneurs succeed. This site is for entrepreneurs of all ages and stages in their career and we always aim to bring you the most up to date information possible.
In this post we will discuss topics relevant to more seasoned entrepreneurs looking to purchase a property for their business or an investment property for their corporation. Either way this is an important step for a business and these tips can help you purchase the right property for your business.
- Research the property: Before any purchases are made you should always visit the property and conduct a site visit. Often times business owners come across dilapidated properties that may seem run down to the naked eye, but can be a diamond in the rough to the right person. Using a business like a tree care service, they can help make any property look new again. One such business our partners have used and recommends is Nashua Tree Care. Cutting down trees, and clearing a property can do wonders for the curb appeal.
- Understand your local market: As a business owner you must learn your local real estate market and understand what you are getting into. Purchasing a property is a big deal and you want to make sure you are buying a building that has a good return on investment and the only way to know that is by knowing your local market. Talking with real estate agents is a good step, but learning the market for your self is the best possible outcome.
- Have your finances together: When you are looking at purchasing a property one of the most important aspects is financing. Without proper financing, buying a building is a pipe dream. You should have a good relationship with bank, primarily the one that has your business account. Bankers can make lending money to you easier if they know the history of your business. So it behooves you keep good records and have a good eye on your cash flow because you never know when you might need a loan.
- Involve lawyers/accountants: When you thinking about buying a property you need to get your lawyer and accountant involved to make sure you do all the right things to get the correct tax breaks for the purchase. You do not want to make the purchase and find out you could have received tax breaks if you proceeded a different way. You also need to make sure all the paperwork is in order for legal purposes. So involving your lawyer and accountant early on in the process is vital.
These tips should help get you started in the process if you are looking to purchase a property for your business. We will go deeper into this topic in later post and also give real world examples to help you navigate this important transaction. In couple weeks we will look at renting a property for the newbie entrepreneurs during our next blog post. Should you have any questions regarding this post please send them to the appropriate email in the contact section of this site.