Steps to purchasing industrial property

Written By Steps To Faculty Published June 22nd, 2010

Do you want to purchase industrial property for your business or at least invest in such property? Often times, as a business grows from small to medium, larger industrial properties are needed to meet the growing demands of your goods or services. But buying this special class of property takes a little forethought. The property must accommodate your growing business needs and be able to be sufficient for these needs for the next ten years minimum for you to recover your initial cash outlay into the property. Take a look.

Step 1 Assess your needs

Do you need 180,000 square foot warehouse or a plant? You need to determine the approximate size and type of equipment you will need for operations to be smooth and for your staff to have sufficient room to work. Think about what your business will be 5 years from now. Is the property going to be suitable for any growth down the road? These are questions that must be ascertained up front before looking for property.

Step 2 Know where to look

Finding good deals on industrial property does not have to be complicated. Visit loopnet.com for great deals on investment property. You may also want to try freelanderindustrial.com to find excellent deals throughout the Midwestern section of the United States and abroad. The site also boasts industrial properties in the Northeast, such as the state of Connecticut.

Step 3 Get a real estate agent

You can always also contact your local real estate agent to find any regional industrial properties that are on the market. Be sure to request referrals for agents selling industrial property.

Step 4 Review the details

Each industrial property has its own idiosyncrasies and thus may require an inspector and commercial property specialist to look at the building and land. If a machine does not meet federal and state regulations, then this must be considered before making an offer. You may have to fix the machine and determine if you or the owner is accountable.

Step 5 Get a loan and make an offer

Visit smartchoiceloan.co to get a fantastic deal on a loan for industrial property without much hassle. You can also visit creditunion.org to find a local credit union that you qualify to join and seek a commercial property loan. Credit unions tend to offer cheaper rates on loans and can help you get a good deal on the property you wish to purchase. Then make an offer to the owner.

Remember, industrial property does appreciate in value over time.


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