Looking for Newark, NJ Industrial Property for Sale? Don’t Make These Mistakes!
Are you looking for the right industrial space for your business? Does your business mean a lot to you? Well, if the answer is yes, then you want to put a lot of forethought and careful planning into your search for the right space in Newark, NJ. Industrial property for sale ranges dramatically, and you need to first know exactly what you are looking for. There are common tips and words of advice that you should follow, and there are equally common mistakes that you need to avoid.
Before diving into the mistakes you need to avoid it is important that you have a talk with your business partners, and your real estate company. You and your business partners will come up with a budget and the necessary amenities your property will ideally come along with, and your experienced real estate company will know which properties to take you to.
Searching throughout Newark, NJ for industrial property for sale can indeed feel overwhelming. Knowing what your ideal space looks like in your mind’s eye can help build a discerning eye while you are out looking at properties.
Investing in industrial real estate is no small endeavor. A lot of money and time are on the line and you need to remember to be patient and thorough throughout the process.
Top Mistakes to Avoid When Looking for a Newark, NJ Industrial Property for Sale
Here are some of the biggest mistakes people make when looking for the right industrial property. Make sure you don’t make the same errors!
As you look into Newark, NJ industrial property for sale, you will begin to see that there is a lot out there. Unfortunately, you may also begin to realize that not all sellers are completely honest and working in the buyer’s best interest. For this reason, it is highly advised to embark on this investment journey with specialized help from a real estate brokerage firm. When the stakes are high, you do not want to play around.
Using the right assistance, and working with people you trust will ultimately bring you to the perfect property in a timely and cost-efficient manner. Once an experienced broker helps you find the right property, you may think the most challenging part is over. The intricate and meticulous details of your contract, however, prove to be another complex part of the purchasing process, and a qualified advisor will be very important to ensure that you are properly navigating the legalities.
If this is your first time looking to buy industrial property, you especially need to avoid a solo search and rather work with an expert broker!
Not Understanding the Market
The real-estate market for Newark, NJ industrial property for sale is very dynamic. You need to be on top of the most current trends. If you are purchasing property as an investment and you will be seeking out renters, you need to understand the rent earning potential. Also, you will want to be fully aware of the bits and pieces that will determine your returns and price appreciation.
While there are many reasons to using the expertise and assistance of the right real estate brokerage firm, the confusing marketplace is perhaps a top reason. People focus their entire careers on studying and analyzing the market, and when you are searching for a high stakes property, you want to take advantage of the right firm. Blau & Berg employs some of the best qualified brokers in the state.
Our commercial real estate brokers know their markets and successfully guide our clients through the process of purchasing, selling, leasing, customizing and expanding their assets.
Hastily Surveying the Property
It is unfortunately common for sellers to not always show the buyer the entire package. If you are touring a large industrial property they may cut corners and “save you time” by only taking you to parts of the building that look the best and that don’t need any renovations. Make sure you get to see all of what you would be buying, including the space outside.
It is also wise to take time before or after the showing to check out the neighborhood, neighboring businesses, and to get a general sense of the community around.
The property price listing is not the only number you need to concern yourself with. There may be many hidden fees that the seller does not want to openly disclose. For example, you need to fully understand all of the taxes that will come along with your property purchase. The seller will likely need to pay statutory and local taxes that they sometimes try to pass down to the buyer.
If the building needs a lot of repairs and renovations done, a seller may be intentionally waiting for the new buyer to come in and dish out the money needed. While it is common for the new buyer to undertake the cost of necessary renovations, make sure you are fully aware of what these costs are so that you can budget accordingly.
Other hidden fees may include the wrong insurance deal. It can be common to take the insurance policy passed down from the previous owner, but you definitely need to contact the insurance company and re-evaluate your needs as the new owner.
Skipping a Proper Inspection
Some buyers would never make this mistake, knowing that they may oversee an important problem. Others, however, may think they can skip out on hiring an inspector. It is highly advised to get a qualified property inspector to fully survey the building. If you have come this far in the process, you do not want to make an error that could have easily been avoided.
Not Fully Understanding Environmental Limitations and Policies
Depending on what type of industry you are in, the environmental policy of the area you are looking into may need to be one of your primary factors in finding the perfect location. There are certain limitations you need to abide by when it comes to pollution and run off. The environmental laws set the regulations for what practices can be done under the local zoning laws. Your broker will help you to navigate this necessary step.
Not Shopping Around for the Right Loan
Looking for the right loan requires you to be very thorough while you shop around. Get quotes from many different sources. It is important, however, that you ask around all within the same day because credit scores may change day to day.
From the get-go, you need to have a clear understanding of your budget. So much changes as you look for the right property – in regards to both your own financial situation, and within the real estate market. Stay astutely aware of all upcoming and future costs and keep track in a very detailed manner. When working with an experienced real estate broker, they will help keep you on track.
Never forget to factor in the operational costs of the property you choose. Different properties mean different operating costs. Additionally, you need to factor in closing costs, brokerage commission, attorney costs and any other fees that may be particular to your situation.
Choosing the Wrong Location
Location is so important when searching throughout Newark NJ. An industrial property for sale in the listings should be zoned properly for most trades, but you need to make sure the location works for your specific business. You want to have easy access to necessary amenities, a close proximity to potential customers, clients, and/or employees, while ensuring that you are in the proper city zoning that your operations need to fall under.
Blau & Berg Can Help You Find the Perfect
Newark, NJ Industrial Property for Sale
Now that you have been warned of the top mistakes you need to avoid while looking for the perfect industrial property in Newark, NJ, you are probably wondering what the first step on your journey should be. One of the very first things you need to do is find the right real estate brokerage firm. They will essentially help you map out your plan of action in an understandable and achievable manner.
You don’t want to use just any brokerage firm; you want the right brokerage firm. Blau & Berg is a trusted real estate company that provides exceptional and uncompromising value to our clients, employees and salespeople. Dedicated to the development of long-term relationships, they place their clients’ interests ahead of their own.
Upon reaching out to Blau & Berg, they will match you to right broker who is an expert in industrial property. Nothing beats experience, and Blau & Berg has been an established firm since 1932. That is nearly a century of passed down expertise for all of its employees.
Blau & Berg is rooted in trust and integrity. They know how to navigate the waters of Newark, NJ in an efficient way. Their website goes above and beyond by educating their clients through their commercial real estate blog and market updates.
Good luck on your journey ahead with property investment. Make it a fun and rewarding process by avoiding the top mistakes many buyers fall prey to. Lean on the help of trusted friends and family, business partners, and an experienced broker or real estate agent.