Purchasing land to build a brand-new commercial facility is a dream of current and prospective business owners everywhere. But buying a piece of property comes with a long list of important considerations and requires careful attention to detail.
There are a lot of factors to consider when making a business decision as vital as your investment in new real estate. Where should you begin?
What to Look For in a Piece of Property
As North Carolina’s premier custom contractors, VPC Builders has seen countless new facilities built from the ground up. We know what to look for! Here are a few of the most essential factors to consider when looking for a piece of property to purchase for your next commercial facility:
Location, Location, Location
If there’s one thing to consider above all else when surveying a piece of property, it’s the location. That’s because the location of a property can dictate a lot of other determinants of success.
For one thing, it’s crucial to consider the location’s proximity to both clientele and competition. A thriving business needs a reliable customer base. You’ll want to ensure you’re building in the vicinity of your target audience, whoever that may be.
Is the location easily accessible to customers and vendors? What kind of neighborhood will it be in, and how does that reflect on your business values? How much parking do you need? Is there room for growth? Do you need to be close to an airport or other transportation hub?
Is the Topography Workable?
Another variable that comes with the location is the topography of the property, by which we mean the shape, size, and grading of the land. If the lot you’re considering has been built on before, it may be optimized for a commercial facility already. But if a piece of property is brand new, there may be additional challenges involved.
Will the grading of the ground require extensive construction work to render it usable? Can the facility be made accessible enough to meet legal requirements and prioritize the needs of customers with physical limitations? Is there enough space on the property to ensure ample room for parking? All of these questions will be dependent on the topography of the area.
Limitations in Your Area
One of the most variable and complex factors of buying a piece of property for your commercial efforts is the limitations intrinsic to the area. Legal factors like zoning laws and permit requirements vary from state to state, county to county, and city to city. Limitations on what you’re allowed to do with a piece of property can majorly affect whether or not the location is right for you, and figuring out those constraints can be a hassle.
Luckily, local builders with experience in the area will likely have a strong grasp of local zoning laws. Before buying a piece of property, consider contacting your local custom builders to ask about the requirements of the area.
Will Your Investment Pay Off?
Obviously, you want to see your business succeed. Nobody wants to pour their investment into a piece of property that won’t allow for sufficient returns.
This is an important factor to consider when seeking a location to bring your commercial vision to life: Does this piece of property have what it takes to be a sound investment?
A good place to start is to look at local market trends. Should you eventually decide to sell the property someday, with or without your business, you’ll want to ensure the property appreciates in value rather than depreciating.
Is this property in a desirable location, based on market trends? Is there room for future expansion? Can the right building team raise the value of this property? This is another instance for which your local custom builders can be an excellent source of information.
Condition of the Property
The current condition of a piece of property will be a major factor in whether or not it will be a sound investment. Is the space attractive to customers? If not, can it be made into a suitable location? Though a disheveled property may come at a discounted price, the poor condition will be a significant obstacle to overcome before you start making money back.
If your vision for your commercial property involves building fresh from the ground up, however, you may be in luck. Custom builders like VPC aren’t as limited in capability as traditional builders are. This provides far more customization and quality craftsmanship in your commercial building project, allowing you to better deal with less-than-desirable conditions.
Though not just any property will do, you can expect your range of options to expand considerably when you partner with an experienced custom builder.
Building Custom on a Piece of Property
Whether you’re in the market for a piece of property for your first commercial building or looking to relocate an already-successful business venture, there’s no better place to start than by reaching out to your local custom builder. Seeking a piece of property that will make a sound investment can be a complicated task, but the right builders can help to guide your journey from start to finish.
Local to North Carolina? Reach out to VPC Builders, your premier resource for commercial building expertise. Our team has the experience, professionalism, and personal touch to bring your vision to life.
Want more tips for choosing a piece of property for your commercial venture? Contact VPC Builders today.