4 Considerations for Purchasing Commercial Property in Florida

Purchasing commercial property is an exciting and rewarding venture. The prospect of owning real estate assets in the Sunshine State has garnered wide appeal for decades. The possibilities for progress and positive growth continue to generate timeless charm for countless people across the country.

Still, sometimes complications arise. That’s when you need a Daytona Beach real estate attorney who fully understands (from start to finish) the minute details and intricacies of the process. As you prepare to secure commercial property in Florida, keep these suggestions in mind.

1) Practice Proper Planning

No one likes unpleasant surprises or having to jump through a series of legal hoops to accomplish what seems like a simple action. So, the first step in your commercial real estate undertaking is to consider locations that best match your needs and requirements. You’ll also have to decide whether it makes more sense (financially and otherwise) to purchase a building outright, or lease the space for an indefinite period of time.

In the case of a purchase, it’s integral to find a building that’s priced as close as possible to its actual value. The last thing you want or need is to be taken for a ride by an unscrupulous seller. Thankfully, a skilled and qualified real estate attorney in Daytona Beach can help guide you through this sometimes-complex process.

2) Ask Pointed Questions

As you progress in your plan toward obtaining commercial property, it’s essential that you’re fully aware of exactly what you’re getting into. Achieving this goal involves getting detailed and thorough answers to important questions.

If you plan to purchase a property outright, you’ll likely have your own specific concerns. In the case of leasing, some of the most popular determinations include:

• amount of monthly rent
• security deposit and fees
• lease terms (length, regulations)
• responsibility for building maintenance and improvements
• business signage rules (type, placement)

You’ll also encounter specific determinations unique to your situation. Before moving ahead with any contract, it’s wise to partner with a Daytona Beach lawyer well-versed in real estate law.

3) Consider Use and Future Plans

Any REALTOR® will tell you that location remains a primary consideration for both residential and commercial properties. It’s paramount that you lease or purchase in an area customers will frequent. In addition, you should consider the neighborhood and surrounding businesses. Along with the competition, you must determine if there are local establishments and/or hosted activities that may be off-putting to your potential customers.

In terms of future growth, it’s wise to contemplate whether you can thrive and prosper in the chosen location, or would be forced to relocate as your business gains traction. Zoning laws will also dictate much of what’s possible on your commercial property. For example, opening a bar in close proximity to a school will present legal complications and challenges.

4) Cover All Bases  

Above all, it’s important to avoid scenarios that could get you into sticky situations — legally, financially, and otherwise. That’s why teaming with a trusted and reputable real estate attorney in Daytona Beach should be at the very top of your to-do list. Before exploring any commercial property possibilities, it’s best to secure the advice, advocacy, and expertise of this dynamic professional.

For over four decades, we’ve provided valuable legal advice and assistance to countless Central Florida residents and business owners. Along with real estate law, we also specialize in Volusia County guardianship and estate planning. Contact us today to discover how we can help you attain the corporate location of your goals and ambitions.