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First and foremost, The Geneva Group recommends you start with research and focus on zoning codes which can depend on the area and location of the property. Some areas may have special development requirements, such as historical, agricultural, industrial, or residential. There may be future planning by other interests in these areas for sale that may not be local knowledge. Do your homework and research before venturing into this arena.
Some very important tips in planning your property research are:
- Don’t rely on zoning maps that are publically available.
- Research the city, municipality, and county jurisdictions and requirements.
- Research any deeds, liens, or other restrictions that may be, or have been, on the property.
- Before any type of construction, get your plans approved by the appropriate jurisdictions.
- You may be surprised by some requirements, such as building heights, landscaping and upkeep expenses, and income vs. occupancy levels.
Parking and Accessibility
Parking and Accessibility is another factor to research and consider before getting involved with commercial real estate investing. Again, this will require a great amount of research, and will most likely be required of you before you can seal the deal.
Some very important tips in planning your parking and accessibility research are:
- Would there be any changes in the existing flow of in and out traffic from the location?
- Would roads need to be lengthened and/or widened to accommodate any increased traffic?
- Is the area in a school zone, close to a major highway, hospital, etc?
- You will most likely have to negotiate how these obstacles and expenses will be covered.
- This can be a lengthy legal process. Plan accordingly, and financially.
- Having a written, legal and binding plan in place with the appropriate governing authorities is of the utmost importance.
If you plan to improve, expand, or redevelop on the site, you must also research the availability, capabilities, and costs of improving the services and efficiencies of the local utility companies. Utilities are not just the basics such as water, electricity, heating/cooling, trash collection, etc., but can also include:
- Cable/Satellite/ TV services
- High speed internet access
- Security systems
- Security guards
- Laundry facilities
- Recreational facilities such as swimming pools, tennis courts, fitness centers, etc.
Before venturing into any commercial research deal, contact the professionals at The Geneva Group. They will guide you through all the research and red tape, and make your venture into commercial or residential real estate a profitable experience for all.