Buying a commercial building for your medical practice is a big undertaking.After all, as a medical professional, chances are you’re not a commercial real estate expert. That’s why it’s important to follow a strategic 4-step process once you decide you’re ready to purchase a commercial building.
Commercial Real Estate 4-Step Process:
- Step one: Assemble an expert team
- Making a large purchase like a commercial building requires the assistance of an expert team.Be sure to involve a lawyer, commercial broker, accountant, and mortgage broker when preparing to buy medical office space.
- Step two: Find the perfect property
- When searching for the ideal commercial space, be sure to consider location, zoning allowances, building code limitations, building condition, accessibility, parking, and expansion opportunities.
- Step three: Evaluate the property
- Never sign on the dotted line without having an appraiser or analyst evaluate the property for things like potential hazards, electrical issues, and possible liabilities.
- Step four: Secure financing
- When you’re ready to buy, decide how much cash you’re willing to put down and how much of a loan you’ll need to obtain. Having good credit and an already-established practice will help you secure optimal loan terms.
Work with your lawyer and accountant to make sure the financial terms of your loan and purchase contract are to your advantage.