When you run a business and decide to buy your own land to build instead of continuing to lease, there will be a number of things to think about. While you may be focused on finding land for the right price, don't make the financial side of this significant purchase your only consideration. There are a number of location-based factors that can cause a business to thrive — or to falter. Hire a real estate agent who specializes in commercial real estate, talk about your search criteria, and then make sure to consider these factors before you submit an offer on the land.
Degree Of Reachability
Think about the degree of reachability of the commercial land you're considering, and then compare that to your client base. Generally, you want to be in an area that is highly accessible to people in vehicles and on public transportation. Consider whether bus routes run near the land you may by, as well as how convenient it is for people to reach in the cars, especially during rush hour. If it's a hassle to reach your business, people may go elsewhere. In some cases, people will put up with less convenience to get to your business if it's the industry leader or only one of its kind in town, so consider these factors, too.
Future Surrounding Development
You'll also want to get as much information as you can about future development in the surrounding area. This is something that your real estate agent can research for you. Future development can be a benefit or a drawback, depending on its nature. For example, if you're thinking of opening a cafe, finding out that a condo will be built within walking distance is a good thing. However, if you're thinking of opening that same cafe and find out that a series of chain restaurants will be coming to the area, you may wish to reconsider your location.
Room For Expansion
If you think you'll need to physically expand your business in the future, evaluate whether the land you're considering will accommodate this need. For example, if you're thinking of opening an 18-hole mini-putt golf course but dream of adding a second 18 holes and maybe some batting cages, too, will there be enough land? Ideally, you'll be able to find a piece of commercial land that will accommodate your future growth. This will save you from having to move in the future after you've built up your business.
To learn more, contact a company like The Schueler Group.