Ten Factors To Consider Before Buying Industrial Land For Sale
Buying industrial land for sale as opposed to renting a floor or a building has numerous advantages. If you choose to stay in an existing building on the property, you will have many more options for adapting it to your needs. Investigate the following ten factors as part of your pre-purchase research.
1) Location is of the utmost importance.
The old adage is still used for a reason: location is the greatest obstacle for any business to overcome. Consider a lot that is convenient for customers and employees to commute to, but not too far from suppliers. If you ship a substantial amount of goods or order a large quantity of supplies, you may also prioritise a industrial land that is close to rail, highways, and shipping lanes.
2) The property’s state of repair.
What is the condition of the property? Consider general wear and tear on the building as well as any potential environmental issues on the land – for instance, if the previous owners failed to properly dispose of chemicals or otherwise contaminated the site, you may be responsible for costly remediation. Similarly, you will want to know if the existing building contains asbestos or lead paint to avoid having to pay for removal.
3) Market value.
Many businesses acquire property with the intention of selling it later, but are unable to do so when its value does not increase as anticipated. Avoid this trap entirely by conducting a market analysis prior to purchasing land. Consequently, you will be able to make decisions based on the market value of your property. You may not acquire the cheapest piece of land this way, but considering the needs of future purchasers can save you a great deal of heartache in the future.
4) Grading.
What type of sloped or uneven terrain does your prospective property possess? How much work will it require before it can accommodate a building, parking lot, and any other site amenities? Consider land work when comparing properties; a slightly less expensive property could end up costing you more if it requires extensive grading.
5) Zoning.
Determine what type of zoning your business requires and ensure that your prospective location will allow you to perform the necessary tasks on-site. A CPA firm requires commercial office space, whereas a manufacturer should search for industrial space. Familiarize yourself with local zoning laws and determine how they restrict property use.
6) A parking spot
Inadequate parking space will drive away customers, so ensure that there is ample parking space for both customers and employees.
7) Neighbors
How might neighbouring properties affect the value of your property? Long-term, nearby road and infrastructure construction could benefit your site’s traffic, while short-term construction could hinder it. Even if the proper zoning is available and the space is affordable, a business that relies on customer traffic, such as a restaurant or shopping centre, would want to avoid locating near a factory that emits offensive odours. However, good neighbours with loyal customers can also help drive business to your door by attracting potential customers.
8) Availability.
If your property is not compliant with the Americans with Disabilities Act from the beginning, you are inviting a lawsuit; therefore, pay close attention to ADA requirements throughout the entire process. It may be beneficial to hire an ADA consultant to oversee design and construction so that you can ensure compliance with all regulations, including the turning radius in restrooms and the width of walkways.
9) Future expansion.
Can the property accommodate your expanding business? How much expansion can it accommodate before you must relocate? Is the property structured in a way that allows you to rent out excess space if your business does not expand?
10) Extra fees.
Depending on a number of site-specific factors, such as proximity to water, location in a floodplain or high-wind zone, or distance from a water source or pressurised hydrant in case of fire, insurance premiums can vary. This can add a substantial amount of expense to a lot that initially appeared to be less expensive than centrally located properties.
To wrap it up, these are the factors you have to consider before purchase any industrial land for sale in Malaysia. While investing is risky, you must also measure and only accept the risks you can take.
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