A Basic Guide to Purchasing Commercial Real Estate

Are you thinking about possibly moving your business into a new location? Dealing with commercial real estate can be time consuming and a risk, but can ultimately be worth the price if your business continues to flourish and grow. Take the time to sit down and think about why you want to move to a new space. If you feel that you cannot grow your business any further due to reasons outside of your control, it may be time to move into a new location that can make your company a lot more visible.

When considering your company's situation, take a look around your office. Do you feel like you have the space for all of your employees? It's never good when everyone who works for you is stacked next to each other in desks or cubicles. People tend to work and feel better when the have a good amount of space to move around and interact. Cramming a bunch of people into one room isn't necessarily a good working environment. If you have clients who want to visit your location, you'll want to have a nice office space to show off. If you have a bunch of desks jammed together next to file cabinets, you may risk losing business due to your poor presentation. Why not buy an office space that will allow you to have your own conference room? Even if you feel like you deliver good business, the way you look will matter to those who want to make a deal with you.

Another element to growing your business is the location itself. If you're crammed in an office space that isn't easy to find, you're likely hurting yourself. You want to make sure that your business stands out and is in a location where plenty of people will be walking around during the day. It's tempting to stick with a cheaper option, but not all office spaces are conducive to growing a business. Take the time to look at some open commercial spaces in popular areas of the town or city.

If you are interested in buying commercial real estate, take the time to interact with somebody who is an expert in relocating offices. They can take a look at your current location and give you some tips on how your next office should look. They'll even know some good, affordable areas that will give your business the visibility it needs. Don't just try to be satisfied with your current office situation. If you truly want to give your business the chance to grow, take the time to learn about commercial real estate opportunities in your area.

What Makes Luxury Homes Luxurious

Luxury homes have some specific traits. Although some in the real estate field would say any house worthy of the term "luxurious" must be incredibly large, that is not necessarily true. What makes a house luxurious is about far more than size. A house considered small by many can still be luxurious while a 5,000 square foot house may simply be a cookie-cutter copy of its neighbors. So what makes a luxury home?

It must have architectural significance, which means it should be somehow unique and special both inside and out. The house should be one-of-a-kind and ideally it will reflect the personalities of its owners. Talking to your contractor about how you can make your house truly unique is a good idea, but so is coming up with your own ideas. Be creative, and don't be afraid to ask questions and make suggestions. Although certain aspects must be considered for structural soundness and proper use of space, there are also endless possibilities when you're building luxury homes.

Materials of only top quality should be used. Cutting corners is not an option. And not only should the supplies be of the highest quality, but so should the work. Contractors should do careful work using attention to detail and commitment to a high standard of excellence. Their work should reflect an artistic, distinct style and should be easily distinguishable from those around it. In addition, windows and doors should be planned very carefully. They should not be haphazardly or uniformly placed but should instead reflect the unique nature of the house.

The location of the house is also important. Placement is very important and should be considered carefully. Not only should the house be placed on a distinct piece of land but the view should also be amazing. A breathtaking view from every angle is a must. That is why window placement is so important, because strategically placed windows are vital to taking in the view to its fullest extent. Scenic spots such as mountaintops and lakefronts are perfect for luxury homes.

Find an architect that understands your vision and can also add to it with his or her own interesting brand. If need be, you can purchase an existing house and then add to it and renovate the existing pieces. Also don't forget the value of a skilled landscaper. Having trees and plants professionally planned and planted is a key part of building luxury homes. Additionally, including unique art and sculptures inside the house lends it an interesting air and helps reflect your personality and style. Just keep in mind that the team building your home is of vital importance because the structure and style of your house depends on their skill and experience. Most of all, enjoy yourself, and put your heart and soul into your dream house. When you take the time to pour yourself into the building process, the unique nature of the finished product will make that dedication clear.

Listing Your Commercial Property With a Commercial Real Estate Agent

Before you list your property it's important to consider asking price and who will market your property. You should also determine how and where to market your commercial property before making any decisions or signing any contracts. Here are some things to consider as you get your commercial property ready to sell.

Initially, many commercial property owners think selling their property by owner will save them the commission expense. Unfortunately, selling your commercial property by owner may not get you the highest possible purchase price because you are limiting the ways in which you can market your property. Many property owners selling by owner may place a "For Sale" sign on their property and list it on a few online listing services. But had they listed it with an agent, the owner could have taken advantage of the number of other paid listing services only agents have access to as well as organizations real estate agents have memberships, giving them contacts that increase the commercial property owners possibility of a sale. When your commercial property has more exposure, it will not only sell faster but has a better chance of selling for a higher price.

Another benefit of hiring an agent is that they field phone calls from potential buyers who may or may not be qualified to buy your commercial property. Real Estate agents can screen pre-qualified buyers and market your property. Agents are also a great buffer during the due diligence period and the time leading up to closing. They ease the burden on the commercial property owner by communicating on their behalf with the purchaser, lender, title company and attorney.

When it comes to commission, agents are typically paid a percentage (between 3% and 10%) of the selling price. Before you sign a listing agreement it's important to know that all commissions are negotiable. The type of property, its location and how sellable it is all play a role in determining commission percentage. For example, a strip mall that's mostly empty in an economically depressed part of town would be considered hard to sell. So a higher commission on such a property provides the agent a better incentive. The higher the commission, the more favorably a real estate agent will present it to potential buyers.

When you get ready to hire a real estate broker to represent your commercial property, it's essential that you hire a commercial real estate agent rather than a residential agent as commercial and residential properties are two totally different products requiring different approaches to marketing. Good commercial real estate agents know the current market trends and use this to market your property to the most suitable clients. Commercial properties need multi-page marketing brochures that provide buyers with pricing, demographics, NOI calculations, CAP rates, rent rolls, traffic counts, income & expense statements, topography maps, site plans, property and aerial pictures, PIP lists and other items. With such precise information, potential buyers are more likely to make an offer. Knowing how to calculate an appropriate asking price for your commercial property based on its location, current economy and market trends is very important and is a good commercial real estate agent's area of expertise. Experienced commercial real estate agents protect the interests of the party they represent when closing commercial real estate transactions which are much more in-depth and challenging than residential transactions. Finally, experienced commercial real estate agents have established contacts in commercial lending that can help speed along the closing process.

Buying A New Home? Top Five Things To Consider Before You Close

It's no secret that entering the housing market to find a new home is an exciting time for any buyer. While the thrill factor is high, it's also important to note that this can also prove a very stressful time for buyers with any budget and needs. In short, finding the right home that not only fits your current lifestyle, but also works well with your specific financial requirements, can quickly become a difficult and overwhelming task.

Finding The Right Housing Fit Is Possible With Advanced Planning

While, at least initially, successful home buying can feel daunting, it is possible with just a little bit of advanced planning and research. If you're currently in the market for your next home sweet home, read on; understanding some of the most important considerations to plan for before you close can help ensure that you have a firm grasp on the right housing for your particular needs (and wants!).

What To Keep In Mind When Moving Through The Purchasing Process

When navigating through the house buying process, always keep the following pointers in mind:

Budget: All too often, prospective buyers blindly roam throughout the purchasing process without having a firm grasp on what their actual budget is. Always sit with a mortgage professional before beginning your search to outline your existing income and create a manageable plan of what you can comfortably afford.

Various loan programs: Once you've determined your budget, you're officially ready to start researching the various loan programs available that you may be eligible for. From first time buyer incentives to reputable builders and developers that offer no-savings options, you can quickly find viable ways to help save you significantly over the lifetime of your mortgage.

Neighbourhood: Considering the neighbourhood is important for a wide range of reasons. Naturally, you'll want to think about your current lifestyle needs such as: do you want to be close to a bustling downtown? Or, are you more of a cul-de-sac kind of person? But beyond your current station in life, you'll also want to think about how various neighbourhoods and districts hold their value, while others tend to fluctuate more.

Future needs: Yes, current lifestyle needs are important, but it's also critical to think about some of your requirements that are just on the horizon. Are you planning on having children? Or, perhaps you're expecting to expand your family? Do you foresee an early retirement where you'll want to spend more time in the garden? Will you be an empty nester soon? These types of future lifestyle adjustments should always be considered when finding your next dream home.

Move-in ready condition: Finally, many people fancy themselves "fixer-upper" sorts in theory, but find themselves quickly faced with a different reality once they are the proud owner of a house in need of extensive renovations. Honestly determining whether you truly are ready to repair and remodel an older home or if you are more of a "move-in ready" type can play a critical role in the overall experience (and enjoyment) you have with your new abode.