Investing in a commercial property is a great way to grow your retirement portfolio. Here’s how to build a commercial property from the ground up.
Apply for Zoning and Building Permits
First, you will want to make sure that the property you are investing in is zoned as commercial. Zoning requirements vary city by city, so work with the city commission to address the needs you have for your property. You’ll want to file all of the zoning and building permits before you begin work on the property itself, to make sure that your plans can be completed.
Next, you will want to work with various contractors to prepare your commercial property for use. If your property doesn’t yet have a building and needs to be prepared for work, then a site development Lexington SC company is a great place to start. In addition, depending on your specific needs, you may need to look at hiring an architect, landscape designer, or construction manager. Sometimes, a combination of many contractors is needed to get a commercial property ready to go.
Now that you’ve done all the prep work, it is time for the building to be constructed. Most of the contractors you have hired should work together in tandem but it is always a good idea to stay on top of things so that the timeline and budget are adhered to as planned.
Coordinate Building Inspections
The final step in readying your commercial property for rent is to have the building inspected. An inspector will make sure that everything is up to code and safe for the regular use of a tenant. If you’ve done your legwork in the previous steps, inspections should be quick and easy.
Building a commercial property from the ground up can seem like a scary process. But if you follow these suggestions, you can make an easy transition to owning a developed commercial property.