Purchasing a commercial property is no small feat. Whether it’s your first property or tenth, every commercial real estate transaction comes with its own contract and stipulations. At Hoegen & Associates, we specialize in commercial real estate. We know how complex it can be, from finding the ideal property to navigating the regulations. If you are looking into commercial property in Pennsylvania, don’t go it alone. Located in Wilkes-Barre, PA, we help with commercial real estate transactions across the state. Reach out to our office today to get started!
Lease or Buy?
The first decision you have to make regarding commercial real estate is if you want to lease or buy. Each has pros and cons, but it ultimately depends on the company’s goals and budget. Leasing may be the best option if you don’t want to put too much down upfront or manage maintenance and upkeep costs. Also, if relocation is possible in the next few years, leasing may be better than buying, even if rent is more than the mortgage payment. You may get tax breaks when you own the property, but the building is yours to customize for your company.
Do Your Due Diligence
When you work with a commercial real estate attorney like Hoegen & Associates, it’s our job to ensure you are well-informed and that there are no liens or easements on the property. You must understand the entire contract and know what you are getting into. We will comb through the contract with you and interpret it. During the contract process, you will want to outline any specifics like a right to sublet, use limitations, alterations, and tax concerns.
Be Prepared for Closing
Closing on a commercial property involves many small moving parts. They can be easily missed if you close on the property alone. When working with an attorney, you can rest assured that all of the i’s were dotted and t’s crossed. Many things have to happen on closing day and not before. This includes the certificate of insurance, operating agreements, and checks. Working with a professional ensures it’s done right and nothing becomes a problem later.
Know the Building Regulations
When looking at commercial real estate to purchase, make sure to know the federal and state building regulations ahead of time. This is especially important when you are buying a property with the intent to rebuild or remodel any of it. You also have to know the environmental regulations if you plan to rebuild or develop further. Working with an attorney is recommended, so you don’t get into a project and learn that regulations block your progress. Save on wasted time and money by working with a professional that knows the regulations and can advise you throughout the process.
Hire a Commercial Lawyer
When the time comes for you to begin looking for commercial real estate, make sure you have a commercial lawyer on your side. At Hoegen & Associates, we have decades of experience helping business owners find commercial spaces. We have also seen many business owners lose thousands of dollars in real estate blunders that could have been avoided had they worked with an attorney. Protect yourself from any minuscule but hefty notes in the contract and unknown building regulations. Work with an attorney at Hoegen & Associates for your next Pennsylvania commercial real estate transaction.