17 Dec, 2014
Are you interested in building your own commercial property or investing in commercial real estate?
When looking into buying commercial property, there is a wealth of information available from many different sources- so much so, that it may seem a bit overwhelming as you try to sort out the fact from the fiction.
Investing in commercial property does not have to be complicated; in fact it is relatively straightforward, once you have the right information and resources.
To help you on your way, we have put together a list of the steps and the resources to help you to get the right information from the outset.
When you set out on your journey to buying commercial property, the first step will be to examine your financial situation.
This article from realestate.com.au suggests some simple steps to achieve sound financial organisation and planning, by listing your assets, having an accurate understanding of your financial situation and seeking pre-approval for your loan.
Although this may seem basic, the article also points out that maintaining control of your finances through careful budgeting is a highly important skill to cultivate. Failing to monitor your incomings and outgoings can quickly spell disaster.
If you need to set a budget, the ASIC website has some excellent and easy-to-use budgeting tools to get you on your way.
Purchasing a commercial property through your Self-Managed Super Fund (SMSF) can be a great option, if applicable to your situation.
If you are interested in exploring this option, the ASIC website offers comprehensive information around this.
Tools for researching the commercial property market can be found online. Realestate.com.au, a website which provides commercial real estate listings and information in Australia has this tool which allows you to search areas for property investment potential.
The Australian Bureau of Statistics website allows you to search areas by demographics, which provides a good deal of information about the people living in a particular area. If you have an ideal target demographic for your commercial property development then this information can prove to be very useful.
The WA government website has some information and advice for businesses that are thinking of buying their own commercial premises.
It helps to stay abreast of the market by reading up-to-date and relevant trade news. Realcommercial.com.au, which offers commercial property listings, also has regular blog posts on the commercial property market.
CoreLogic RP Data provides data analytics and news stories on the property market. The Australian Business Review property section provides breaking news on the Australian property market.
Buying commercial property offers great potential for the investor, and doing the right research can make the process interesting, exciting and lucrative. Happy researching!
If you would like to discuss your commercial building options, call Adam at Rapid Tilt on 08 9248 5272.
