The most important aspect of purchasing a piece of Hawaii commercial property is location. It does you no good to purchase the perfect building if the location is poor. You should have a list of qualities that you want in a property. But be flexible you can deal with building shortcomings easier than with a poor location. Once you know what type of property you are looking for you can start looking for the right location.
If you are thinking of buying a store or food establishment you will want to look at areas that are high traffic the more people that see your store or restaurant the more customers you will have. You also will not want to look at depressed areas. Look at the financial aspects of an area you are thinking of. You would not want to put a fine department store in an area that is low income. You will want to do your homework and make sure that the income of the area matches your business.
There are companies that for a fee will do a survey to see how any particular business will be received in the area. This is something that is well worth the cost. You want to be assured of the best possible chance of success. The majority of business fail in the first five years. It is to your advantage to make sure you are in the right area and that there is a need for any service that you may be offering. Because of this the initial cost of the research will be a sound investment.
Once you have found an appropriate property you will want to negotiate the best possible deal. You should have a real estate broker involved so that your interests are protected. They charge a commission, but again the advantages far outweigh the cost. Going for the cheapest route is not always the best idea. You will want to gain experience and knowledge that you do not have. You can pay to utilize others experience. In the long run this will be to your advantage.
Know your financial options you will want to negotiate the best interest rate for your business. You can do this by knowing what options are available to you. If you can get pre-approved this will allow you some leverage when dealing with a seller. They will take you seriously and if they are interested in making a quick sell any offer you submit will be looked at more favorably.
