The three most important factors when buying a property are location, location, and location.
Making judgments based on the property itself rather than the location is something we hear people mention far too frequently, and for us, this is actually a huge mistake, especially when it comes to commercial real estate.
So why is location such a key factor in real estate investing?
Consider this: A property's pricing and condition are subject to change. Even the property's size is adjustable. The location of the property is the only thing that cannot be altered.
Here is why it’s important for private buyers, sellers and corporate investors to do proper research and development (R&D) in a purchased location:
Regardless of how big or small a budget you have for investing in real estate, it's always smart to conduct sufficient research before making a business decision. Quality R&D not only makes entering the real estate market easier, it can also make it more profitable. Understanding communities — their economic and societal trends, as well as their patterns of supply and demand — means you can better forecast property value and buy and sell when the time is truly right, not just convenient.
Ready to make a move on a property that is outside of your desired location?
Ensure you do your homework so you can reap worthwhile returns.
Many times, our clients will buy/sell a property because they want to be 'closer' to something. Whether that's school, work, or their favorite hang-out spots, location is always a motivating factor for people. When you're ready to buy or invest in a commercial property make sure the location of it is your top priority and you will find yourself in a great situation in the long run.
Contact our team today if you want to learn more about how to conduct a comprehensive R&D or market analysis that will yield fruitful and satisfying results.