Three Considerations Prior to Purchasing a Commercial Property

Admitted to practice law in the state of New York, attorney Joseph Treff handles cases at Treff and Lowy PLLC in Brooklyn. Joseph Treff serves as a partner and represents clients in commercial and insurance litigations as well as other real estate transactions.

Commercial properties include retail buildings, apartment complexes, and industrial infrastructures. Before acquiring a commercial property, the following should be considered.

1. Ownership requires maintenance and upkeep of facilities. A licensed professional is mandatory for fixing plumbing and working on electrical units, among other needs. Prior to signing a contract, a real estate owner should factor in the fees associated with property management, which can cost up to 10 percent of rent revenues, to ensure the expenses align properly with his or her financing.

2. Anticipating future expenditures, a potential owner must keep in mind necessary repairs associated with a property. For instance, a commercial property may require a new roof in the near future or a furnace replacement. Planning ahead is necessary to make sure the revenue gained outweighs the costs.

3. Commercial properties attract more visitors, increasing the risk of damages and injuries. From a customer slipping on ice in the parking lot to a property being broken into, an owner must be ready to handle any type of incident located on the premises.

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