Understanding commercial property types is essential

Taking time to perform due diligence on a commercial real estate property in Ohio you’re thinking about purchasing is essential. Understanding the type of property you’re dealing with and all its characteristics must be known to safeguard you from making a costly mistake. Going through this process should alert you to any red flags currently existing with the asset so that you can move ahead safely.

Commercial property types

If you’re thinking about buying commercial real estate, learning all you can about it is critical. Pulling the title for the property is one of the first steps you can take. Doing so allows you to discover any encumbrances or liens. The next step is to learn more about how the land can be used. There are different rules and regulations to follow for each property type. Common commercial property types include:

  • Multifamily
  • Industrial
  • Retail
  • Shopping centers
  • Mixed use
  • Special purpose
  • Hotels
  • Offices

Examining the details of the property type you’re interested in buying can also include looking at the property zoning compliance certificate, pending applications or other zoning approvals.

Knowing the essential facts

Understanding how you can use the type of commercial property you purchase can be vital. If you plan to use it in a specific way and don’t realize there are restrictions, it could result in a significant financial mistake. Relying on a broker is not advised as this person may fail to disclose important facts. Evaluating the property thoroughly will provide you with insight regarding its zoning and land-use restrictions.

You should have peace of mind and be better protected financially by understanding the type of commercial property that’s available. Evaluating it and digging deep is one of the only ways to help ensure you avoid problems.