Borrowing a quote from one of the famous builders of all time, Walt Disney, once said, “If you can dream it, you can do it.” The question is how to make the most of an opportunity presented to you. To a commercial real estate opportunist an open piece of land is equivalent to a blank canvas.
Any commercial real estate company will tell you that undeveloped land is a treasure chest waiting to be opened. With all the possibilities and promise hidden within a messed up lump of dirt, the true limit of a land’s value is only up to the owner’s vision’s reach.
Seeing something before it is actually berthed is a gift that few people possess, but all can acquire if given the discipline and fed the right motivation. Stand in a place where you can see the entirety of your land and try to imagine the whole thing flourishing with all the plans you fabricated up for it.
An important thing to note is that owning an open land doesn’t mean instant gold. There are various factors that can depreciate the value of your land like how prone is it to natural disasters and the stability of the economy present in its community. There are lots of things that can influence the value of your land and it is critical to know more about the environment you that you choose to build your dreams around.
- Hire a land surveyor, identify the obstacles and opportunities you land will present
- Make sure you piece of land fits all the zoning requirements that a piece of commercial property requires
- Decide on what kind of commercial real estate you would like to build
- Lay down a thorough plan: whether it be financial or architectural you need a comprehensive understand of what the project will entail
- Get the designs approved
- Secure the financing to build your commercial property
- Hire your contractors and begin the project
- Make sure to monitor the project in order to make sure it meets regulations and deadlines
- Once the building is build hire a building inspector
- Hire a management team to take care of the day-to-day operations of your masterpiece
Lastly, ask for help from a commercial real estate company and other knowledgeable people. People have different experiences and lessons to impart and it is in this diversity that a successful enterprise is founded upon. Whether it is assistance in financial outflow or business strategy or marketing plans as devised by a commercial real estate company, having more brains to analyze and think things through would always prove to be beneficial, considering that these people have one goal in mind.
HERE are ten things you should know before investing in commercial property