{"id":17990,"date":"2018-09-04T19:22:01","date_gmt":"2018-09-04T19:22:01","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=17990"},"modified":"2018-09-05T21:49:37","modified_gmt":"2018-09-05T21:49:37","slug":"thinking-about-purchasing-a-commercial-building","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/thinking-about-purchasing-a-commercial-building\/","title":{"rendered":"Thinking About Purchasing a Commercial Building? Is the Parking Lot Handicap Accessible?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span style=\"font-weight: 400;\">Purchasing a commercial building can be a lucrative venture and an enormous investment. However, it is time consuming, complex, and money draining and has a greater liability than residential property. Therefore, it is prudent to get professionals to help with the buying process. Importantly, you have to consider various factors when <\/span><a href=\"https:\/\/www.bdc.ca\/en\/articles-tools\/money-finance\/buy-lease-commercial-real-estate\/pages\/commercial-real-estate-acquisition-5-tips-for-success.aspx\"><span style=\"font-weight: 400;\">buying a commercial building<\/span><\/a><span style=\"font-weight: 400;\"> such as location, price, purpose, and condition. Here is a guide for purchasing a commercial building.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">1. What are you looking for?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Determine the kind of property you want; its purpose, size, location, and your budget. You have to establish whether you would like to partner with someone, the amount of time you will commit to the building, and the work you will put on the building. As you figure out what you are looking for, ensure you evaluate the benefits and risks of purchasing a commercial building.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">2. Find Experts<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The purchase of a commercial building requires the input of various experts such as a real estate broker, commercial real estate attorney and certified public accountant (CPA). While a commercial real estate broker to help you locate and acquire a commercial building, a commercial real estate attorney helps you deal with contracts and real estate transactions. A CPA will help you examine the finances of the building and determine its investment potential.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">3. Research<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Do not settle on the first building you come across. Visit many buildings and determine the merits and demerits of each. Consider the price, location, condition and allowed uses of each. Also, consider things like the taxes on the property, reasons for the owner selling, repairs needed, and income generated.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">4. Financing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You may need some form of financing to help you make a purchase. Consider different banks and mortgage companies that <\/span><a href=\"https:\/\/www.credibly.com\/incredibly\/guest-post\/small-business-guide-to-financing-commercial-real-estate\/\"><span style=\"font-weight: 400;\">finance commercial buildings<\/span><\/a><span style=\"font-weight: 400;\"> and their interest rates. Also, you may find partner investors to raise funds for the building.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">5. Negotiation Process<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Negotiating the purchase of a commercial building can be intense and time-consuming. It is advisable to hire professionals to do it on your behalf. When convinced that the building is worth it, a buyer signs a letter of intent (LOl).<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">6. Due Diligence<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A buyer has to conduct due diligence and do their own inspections and investigations on the building before making a purchase. The first step is to obtain an American Land Title Association (ALTA) survey that provides valuable information such as improvements, boundary lines, and the identification of easement. In addition, you have to assess other documents such as leases, mortgages, utility bills, insurance policies, environmental reports, fire inspection reports, and parking lot contracts.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">7. ADA Compliance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is important to determine whether the commercial building you want to purchase adheres to the Americans with Disabilities Act (ADA). The building should be handicap accessible from the parking lot to the doors and bathrooms. The parking lot should have handicap parking slots that are spacious and accessible. If the parking lot is not a handicap accessible, you can hire a <\/span><a href=\"https:\/\/www.ada-striping.com\"><span style=\"font-weight: 400;\">parking lot striping and paving service<\/span><\/a><span style=\"font-weight: 400;\"> to revamp it and avoid lawsuits.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Purchasing a commercial building is a lucrative investment opportunity that is complex, time-consuming, and money draining. Before investing, you have to consider the risks and benefits of the building, the type of building you want, and importantly, do your due diligence. Also, ensure that the commercial building is ADA compliant to avoid lawsuits.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a commercial building can be a lucrative venture and an enormous investment. However, it is time consuming, complex, and money draining and has a greater liability than residential property. Therefore, it is prudent to get professionals to help with<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/thinking-about-purchasing-a-commercial-building\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[13,16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/thinking_about_purchasing_a_commercial_building_","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/17990"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=17990"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/17990\/revisions"}],"predecessor-version":[{"id":18013,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/17990\/revisions\/18013"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=17990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=17990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=17990"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=17990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}