Location is key in the success of many Ohio businesses. In most instances, similar types of businesses congregate in the same general area. Thus when a company is looking to invest in real estate, it often looks for property in the same general area as like-minded businesses.
Many in Ohio and beyond are discovering the benefits of owning commercial property. Real estate as an investment can add diversity to a retirement plan and offer an interesting and flexible source of income. However, there may come a time when a commercial property owner decides to place one of his or her investments on the market. When selling a commercial property, it is a good idea to be aware of some common mistakes in order to avoid them.
Location is key in most Ohio business ventures. The right location can be essential to the success of the business. For this reason, the acquisition of the desired property is often the first step in business development and/or expansion.
Location is key to many Ohio businesses. The location often sets the stage for the clientele the business will attract. A business located in an industrial setting does not lend itself to everyday consumer traffic; however, the same business in a more retail setting might. The actual real estate occupied by the company plays an important part in the business's growth and development.
Technology is likely responsible for another distinction in real estate that is now creating a blurring of the lines between commercial and residential real estate. Residential and commercial real estate brokers are entering onto each other's turf in Ohio and nationwide. The two realms of real estate transactions are now beginning to increasingly overlap, with various hybrid models now creeping into the mainstream of commercial and residential real estate sales.
Ohio investors may be watching with envy as the ownership of Quay 55 changes hands again. Once a warehouse for receiving cars shipped from auto manufacturers, the building situated on the shores of Lake Erie underwent a $28 million renovation project to convert it into apartments in 2002. For years following, the real estate was labeled distressed because of mortgage defaults and many vacancies. However, now boasting a 94 percent occupancy, the purchase may be considered a wise investment.
The idea is sound and the entrepreneur is ready to venture forward. Whether starting a new business or expanding an existing one, the Ohio business owner typically will need some form of financing along the way. Depending upon the business and the resources available to the business owner, there are several options available.
Many times, when an Ohio business is first starting out, the business owner must decide between renting or buying space in which to operate the business. This decision is often based upon a variety of things such as the current real estate market, financing options and available capital. Many new business ventures find that leasing property is the appropriate option in the beginning.
Within the lifetime of your company, you may need to refinance a mortgage loan. This is a normal part of doing business and is nothing to be intimidated by. However, refinancing also requires careful consideration. While a properly worked out refinancing plan can help keep you in business, accepting unfavorable terms could put you in a terrible financial bind.
At some point in the life of your business, you may find it necessary to refinance a loan or mortgage. While the terms you originally agreed to might have served your needs at the time, it is not unusual to seek terms that are more favorable to your present situation. For example, if your loan requires making a balloon payment in the near future, you could refinance to avoid taking that big financial hit.