Miami Commercial Real Estate – Helpful Tips In Purchasing or Leasing a Property
Now there are already plenty of commercial real estate agents that are willing to help you through the process; but of course never expect them to feed you all the information. You have to practice due diligence and you to form your own survival guide in order to be successful in this venture. Here are some of the important things that you need to keep in mind when leasing in the city.
Different types of property
Always keep in mind that there are lots of Miami commercial real estate properties that are available in the market. Before you start your search for the right foundation of your business in the city, you must know exactly what you are looking for. Here are some of the lists of types of commercial properties:
-Retail spaces
-Multi-family commercial properties
-Office buildings
-Industrial spaces, warehouses
-Recreational buildings, hotels
Hiring the right real estate agent
Hiring a commercial real estate agent is like hiring a residential agent but of course with few distinctions. It is always important to check the specialty of the agent that you are planning to hire. Keep in mind that each of the real estate agents specializes in different type of property. There are some real estate agents that can handle transactions for office spaces while there are those who are working with those industrial warehouses. While there are several criteria to use when hiring a real estate agent, the specialty is one of the most important things that you need to consider.
Know the lease type
Instead of planning to purchase, you can opt to lease, which is the safest and common practice for most first time investors. But with this, it is very important to get familiar with the s several different kinds of lease terms. In order to help you, here are the different lease terms in the Miami commercial real estate:
-Triple net lease
-Modified net lease
-Gross lease
Know the different numbers involved
Aside from the Miami commercial real estate mortgage, it is very important that you have to know the other expenses that are involved in buying Miami commercial real estate properties. If you are a starter, once you find the right property to lease, you have to be ready for the appraisal and inspection. These two are different and that only mean that they call for separate payments. It is also important to get a good faith estimates in order to have a clear view of the expected expenses during the closing.
Ella Ayson
Miami Commercial Real Estate
