If you are seeking industrial property real estate near Fredericksburg, VA, here are some things to keep in mind. Industrial properties can be exceptional investments, but require a different kind of investigation than other types of properties before you make a purchase. Here are some key things to look for before making your investment.
Get to know the building(s).
During your initial walk-throughs, keep your eyes open for common red-flags, such as:
- Cracks in the floors or foundation
- Water damage or leaks
- Lack of truck accessibility
- Unlabeled or leaking containers (could represent hazardous materials)
- Roof damage (check out a Google Earth image if you can’t get up on the roof right away)
As you can see by these water damage cleanup costs, you definitely want to avoid properties with issues like water damage unless you can strike a deal with the seller. On a more detailed examination, have an engineer help you ascertain the integrity of the building(s) before you make an offer. They will be able to inform you of any serious issues that require your attention. For example, if you know the property will need a Roof replacement Canberra that will cost you thousands of dollars, you can subtract that from your initial offer. Also, over the property’s as-built drawings with care. “The construction or ‘as built drawings’ for the property will help you and your engineer understand important constructional issues such as structure, load bearing areas, locations of improvements, lighting, drainage, floor plates, plant and equipment, hydraulic, and electricity. Get the drawings reviewed by an engineer before you make the purchase decision.” –Ray White Industrial
Check out location details: zoning, ordinances, and infrastructural geography.
Don’t even consider investing in an industrial property before you know exactly what your property is zoned for. This will let you know what types of businesses can occupy your space as tenants, an area where you don’t want any surprises. This is not specific to buying property in Virginia, but anywhere in the country. Do ample research to find the right location. For instance, if you are planning on buying property in South Florida, a property buyers’ guide like https://patmcbride.com/industrial-property-buyers-guide/ can be referred. Take careful note of proximity to shipping lanes, railroads, and airports. Make sure there is adequate truck access and vehicle parking. Doing your due diligence will pay dividends in your investment’s future.
Examine the security of your industrial property real estate investment.
Security and safety is paramount for both you and your future tenants. Go through this checklist during your investigative process:
- Ensure that the boundaries of the property have been checked against recent surveys of the land.
- Examine the condition of gates and fencing.
- Look up local crime statistics.
- See if there is already a security and/or surveillance system in place, and if it needs to be upgraded.
Once you’ve taken all these steps, you’ll be ready to make an educated decision about your investment that you can feel excited about.