If you are a first-time commercial real estate buyer, you may have some questions that need answering. The best way to get familiar with commercial real estate is to hire a real estate agent who can help you navigate all of the intricacies and moving parts that come up in the buying or leasing process. For the sake of this article, we have compiled a few questions that regularly come up for first-time buyers.
What are the different types of commercial real estate?
The five primary types of commercial properties in Calgary are multifamily, office, retail, industrial, and hospitality. If you want to lease a space for your boutique clothing store, you will be looking for a retail space. If you are a doctor looking to expand your practice, you’ll be looking for office space. If you need a warehouse to operate your business out of, you’ll be looking in an industrial park. Depending on your business needs, you can start narrowing down the kind of space that best suits your needs.
How important is zoning?
Very important! Navigating zoning regulations is crucial to successfully developing and utilizing commercial properties in Calgary. Understanding the intricacies of zoning bylaws, identifying the property’s zoning district, and reviewing the permitted uses are essential steps in this process. The City of Calgary’s zoning regulations dictate how land and buildings can be used, and compliance with these regulations is vital to ensure a smooth and legally compliant development process. By familiarizing yourself with the zoning bylaws, determining the property’s zoning district, and understanding the permitted uses, you can make informed decisions and take the necessary steps to comply with the regulations.
Do I need a REALTOR® for purchasing or leasing commercial real estate?
Technically speaking, you can buy or lease commercial properties in Calgary on your own. However, the help of a skilled professional will be invaluable to your success in securing the right property. Commercial REALTORS® are experts in their field, equipped with connections, professional experience, and knowledge of the local market. If you are buying a commercial property, you do not pay your REALTORS® commission; their commission is paid out by the seller.
Should I secure financing ahead of time?
Yes. You want to ensure you can pay for your investment before you begin looking at commercial properties in Calgary. By securing financing ahead of time, you have the advantage of creating a budget and giving yourself the time to compare your financing options before you find a property you want to move on. In a seller’s market, securing your financing before you put in an offer is significant leverage, especially if other offers are coming in that still need to secure financing. Speak with several lenders and consider different loan types to secure the best rate.
Working with Realty Unleashed
Realty Unleashed is an independent real estate brokerage serving clients in both Edmonton and Calgary. If you are ready to begin searching for commercial properties in Calgary and need a REALTOR®, we would love to hear from you. Please fill out the form below; someone from our team will get back to you soon.