What is your long term plan for income after retirement? Many people, especially those who have been in business the majority of their adult lives, have chosen commercial property as a way to provide themselves with long-term monthly income through their retirement.
A good choice in commercial real estate can not only earn you the money to live off of, but be a significant asset in your estate, even after your death.
Investing in commercial real estate, as much as it has great potential, is not a decision that should be entered into lightly. As with any investment, there is risk involved, but there are several things that you can do to reduce that risk:
1) Do Your Research: Take your time and research the property before making a purchase decision. What is the land zoned for? Has there ever been any problems on the property, are their current tenants? Are the buildings (if any) sound and ready to be leased, or will work need to be done first?
2) Make sure you have enough money: The purchase price may be in your budget, but is the cost of needed repairs, fees, taxes, maintenance, management, etc.
3) Consult your attorney: As with any real estate transaction, having an attorney to advise you and go through the contract is a must to be able to project yourself.
Investing in commercial property can be a very wise decision--one that could see you comfortably through your retirement. However, it is a choice that should come only after long and careful consideration!
If you would like to know more about investing in commercial real estate in the Charlotte area, just give us a call at 888.600.5044!
Kuester Property Management