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Differences Between Land Purchases and Commercial Building Purchases

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If you are thinking of getting a new building for your commercial business, you have the option of either buying land to build on or purchase an existing building. Both options can be great investment opportunities if handled correctly. Before making any decision, you should consult with a Phoenix commercial construction law attorney.

First, you need to think about the needs for your business. Ask yourself questions like, what type of property you might want, where the ideal location is and the physical condition of the land or building.

Land Purchases

You have the opportunity to purchase land if you want to start from scratch. Land is usually cheaper the farther away from the city, but this might not be the best location for your business. Keep in mind that purchasing land and building on it is going to take a lot of time, patience and money. There are many factors that go into building on land, like the design of the building, obtaining permits, paying attention to zoning requirements and abiding by specific city codes. Always do your research on the land you want to buy before making any commitments and also meet with a commercial lender that specializes in commercial loans as you will need to obtain a business loan to make the purchase.

Commercial Building Purchases

Don’t want to have to deal with building your own building? Instead of making a land purchase, you should consider purchasing a commercial building. Often times, you will still be able to make some changes to the building by remodeling, but you will still have to abide by zoning regulations and city codes. Purchasing a commercial building can be a complex situation, so make sure you do plenty of research and make a plan before making the big purchase. You will also have to obtain a commercial loan for these purchases, but the process is usually must faster. Since you aren’t starting from scratch, commercial building purchases might be the best way to go for your business.

MKC Law Firm

Before making any decisions on if you should purchase land or a commercial building, talk with an experience Arizona construction law attorney at MKC Law Firm. They will walk you through the process of deciding which opportunity is the better investment for your business. Plus, the skilled legal team at MKC Law Firm will help you through the entire purchasing process.

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