We'll uncover some helpful tips that will help any entrepreneur in their real estate acquisition process. Acquiring real estate may be costly but a worthwhile long-term investment, provided that the business owner exercises their due diligence and executes a proper plan of action. A benefit of acquiring real property is that it will most likely appreciate in value. Unlike renting, you can deduct the cost of a depreciable property over its useful life as a yearly deduction for corporate taxes as a Capital Cost Allowance.
Tips for Success
1. Understand the local real estate market
Firstly, choosing the right location for your business is vital. Find a space that would adapt to your business needs and is in a prime location with demographics that fit your target market. Having an understanding of zoning and environmental regulations is another important success factor.
2.Seek advice from an independent commercial real estate agent
Luckily for you, you don't have to look any further. Our boutique firm is experienced in commercial real estate and we are always available to help you along with the purchasing process.
3. Consult an accountant
Accountants can help you with the tax implications of the acquisition of real property. They can also advise on ways to minimize taxes and get the most out of your purchase.
4. Obtain approval for financing
In order to obtain approval, bankers / lenders will want to see financial statements, past and projected cash flows etc. You should shop around for the best financing package available that meets your needs. Note that while the interest rate is important, you should look into other factors as well. Such factors include repayment terms, fee structures, financing requirements etc.
5. Choose the right contractors and business professionals
It's important to have contractors and business professionals with experience, are highly reputable and are responsive to your needs. We can get you in contact with business professionals we have worked with in the past and who have a wealth of knowledge and experience.
For all your real estate needs, contact Amalia Liapis at 604-618-7000 or at firstname.lastname@example.org or Kane Ryan at 778-223-5961 or at email@example.com.