If you’re looking to purchase a commercial lot for sale in Laguna Hills, there will be many emotions that will come with searching for the perfect building. Before you make your decision, you really need to think about the future and start asking yourself some important questions, like:
- What am I buying this commercial lot in Laguna for?
- Am I going to purchase this property with my wife or a business partner? Am I prepared for disagreements and trying times with my significant other or partner?
- Do I have the money for repairs for now and the future?
- Is Laguna the right place for me to start my business?
- Am I mentally prepared for the stress that comes with buying a commercial property for sale in Laguna?
- Is this property big enough?
- Am I jumping on buying this property because of the good price?
- Should I wait and make my decision in a week or so?
- Am I overall ready to make a purchase this big and will I be able to handle this investment?
After asking yourself these questions, it’s recommended to take a night and sleep on your answers. When you wake up in the morning and still feel like making this big of an investment is a good idea and will only better your life, it’s time to find an agent and do some shopping.
Time to Shop Around
When you find a commercial real estate agent be prepared for a few long weeks to come. Finding a property isn’t the easiest thing to do, but patience is key to help you not get overwhelmed.
After finding that patience, it’s time to get a notebook and meet up with your commercial real estate agent. It is going to be better to spend time with someone you have a rapport with than someone you barely know, as they will be more willing to help you get the best deal possible, so don’t feel afraid to get to know them a little better.
When you’re done getting to know your agent, get your notebook ready and start exploring the property they show you. It’s essential to take notes of each detail you like and dislike about the property; a pro’s and con’s list can help narrow things down.
The list will help you make a decision in the future because looking at five buildings in a day can be overwhelming and it’ll be easy to forget each detail of each commercial property for sale in Laguna.
When taking notes, be sure to take note of the size, price, condition, and location. You’ll want the size and price because you’ll need to do the math on if the building is too big or small. The condition and location are big factors to consider as well: you don’t want to spend loads of money on repairs if the building is hidden somewhere that will be difficult for people to find.
At the end of your tour, be sure to answer some questions about the building in your notes like:
- Can I afford the property tax?
- Why is the building for sale?
- What was the property used for in the past and did that business do well?
- Is the property in a good location where my business will thrive?
- Did the business before me lose their money due to location?
- Am I near any big tourist attractions that can help my business thrive?
- What needs to be replaced if I move in?
These questions are going to be key factors in helping you make your decision, so be as honest with yourself as possible. For example: if the roof, flooring, and plumbing need replacing, is the location worth all the time and money of renovations?
Honesty is key here. You’ll only hurt yourself if you write good things and ignore any glaring troubles. As soon as your honest with yourself and are able to look at everything objectively, then you can move on to the next part.
Financially Prepared to Buy Commercial Property
After you have found a commercial lot for sale in Laguna (or anywhere else that’s better suited for your business), sat and read through your notes, and have weighed all the pro’s and con’s, it’s time to start making your final decision.
Don’t stress yourself, too much: this process should be exciting. Whether you’re starting a business, or opening a new franchise restaurant, you’re doing something for your life, family, and future, so don’t let any frustrations get in the way of your excitement.
Now that you’ve gotten excited and cut your decision down to at least three commercial properties, it’s time to start thinking about how to finance your building.
When it comes down to finances, you can easily go from excited to stressed in a blink of an eye. It doesn’t have to be stressful, though. Start by asking yourself these questions:
- Will the owner accept financing?
- How is my credit?
- How do I improve my credit score to get better interest rates on the commercial property?
- What bank or credit union am I planning on using?
- Am I going to find a personal money lender to avoid banks making my decision based on my credit score?
- Am I ready to be excited about purchasing this property?
There is more than one way to purchase your commercial property. From hard money lenders to traditional loans, there are a myriad of options available to you. How you finance your property and where to do it is a question you’re going to want to figure out before making your financial decision. If you can’t get excited about it, then don’t do it—your gut is usually right about major decisions.
Make the Offer and Feel the Excitement
You’ve found your commercial property for sale in Laguna, you figured out your finances and now it’s time to be excited about making your offer on the property. When you make your offer, go do something nice for yourself. You’re making a huge decision that’s going to better your life and it’s something to be excited about.
Whether your offer is accepted or denied, still be happy. It’s all a part of the process, and sooner or later, everything will work out.