Purchasing or leasing warehouse spaces can sometimes be a difficult task, especially if this is your first time. There are a lot of aspects that go into the process and it can be quite confusing. Warehouses are one of the most common types of properties to lease in the commercial real estate industry. Getting help when looking to lease or purchase a warehouse space is crucial and can help you in the long-run by getting a plan together and understanding what your space will be used for. Below are 3 main fundamentals to keep in mind when either purchasing or leasing warehouse space.
1. Know the Size of the Warehouse Space
Whether you are leasing or purchasing a particular warehouse space it is important to know the size. How big is it? What are the dimensions? What is the cubic square footage? How much of the space can be used for storage? By knowing this you can better figure out pricing of the building and if it will be worth your time and money.
You will also want to take into consideration the growth of the business. Are you looking to grow in size and eventually expand in the future? This is another thing to consider, as expansion requires more thought than a last-minute decision. Make sure you think about this so you do not get stuck with a building that does not accommodate your growing business.
2. Time Span
How long do you need the warehouse space for? When you are looking into buying, renting, or leasing warehouse space it is important to think about a timeline for the business or company that will be occupying the space. If you already know you will be using the space only temporarily, plan that into your budget. A timeline can help lay out what you are looking for and need and plan everything you might need to know ahead of time.
There are many situations a warehouse is needed for, more than just storing and holding space. If you plan on staying for a couple years, leasing might be your best option. That is not the case for everyone, however. If you only need a place for a couple of months renting might be best, or if you plan on staying long term it could be beneficial to look into buying a space.
How much money do you have and how much are you willing to spend? One of the most important aspects when it comes to purchasing or leasing warehouse space is defining your overall budget. Looking at the amount of capital you have can help you to determine what you can do with a warehouse space. If you have enough money to put a down payment on a space, it can be a good investment in the future to buy a warehouse space.
The amount of money can also determine the type of warehouse and the location as well. Make sure you have a clear budget set so you know what you can afford so that you can avoid overspending. When you stick to your budget you are able to have money to expand your business and purchase equipment to get your warehouse up and running.
Looking to Purchase or Lease a Warehouse Space?
At Schwarz Properties we know that purchasing and leasing warehouse space can be a stressful situation. That is why our team is here to help you with all your leasing and purchasing needs. We specialize in commercial and residential property management in Virginia, South Carolina, and North Carolina. For more information contact us at (336) 625-6076 or visit our website.