Are You Ready For Commercial Property Ownership?

Owning a investment property or commercial building for your business may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

Some people have a notion that property ownership is like renting, but with the power to remodel and paint the walls whatever color you like. However, while these privileges are available to property owners in most municipalities, they come with the responsibilities of a mortgage, taxes and building maintenance. Preparing for ownership requires you to take critical stock of your finances and your expectations.

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Questions for Prospective Investors

Are you ready to buy?

Owning your own commercial property is about more than just being able to decorate any way you like; it's about being prepared to maintain your property over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of ownership with a realistic expectation of the rewards.

How much can you afford?

It can be discouraging to find that your salary won't stretch as far as the property you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make ownership a burden rather than a point of pride. It's better to buy a modest property now and look at purchasing your "dream property" in a few years.

What is your debt-service ratio?

This is something that lenders take very seriously. Your overall debt for your new property should not be more than 80% of your potential new income. 

What do you want?

Do you like the idea of cleaning your own gutters? Do you shudder at the thought of snow removal and lawn care? Would you rather just pay a fee every month and have everything done for you? The answers to these questions can help you narrow down the search for the right type of property for you. GTK Commercial Real Estate also offers property management services to help take the burden of property ownership off of your shoulders.

We Can Help

You need a good real estate professional who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.

Keep your objectives in mind when visiting a home. Sometimes the idea of owning a commercial property can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a property, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each property. We can help you stay on track while still keeping our eyes out for a great property.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the property you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. A commercial inspector will check for signs of harmful materials like asbestos, lead paint, mold, and structural defects. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the property purchase. Not getting an inspection done means that you could be stuck with a property with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few thousand dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.

Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a property. Don't hesitate to contact us to find out more about how we can make the buying process easier!

Contact us for more information about first time purchasing.

DISCLAIMER: The listing content relating to real estate for sale on this web site comes in part from the AK MLS IDX of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than GTK Commercial Real Estate, LLC are marked with either the listing brokerage's logo or the AK MLS IDX logo and information about them includes the name of the listing brokerage.

All information is deemed reliable but is not guaranteed and should be independently verified for accuracy.

Listing information is updated daily.

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Listing information last updated on September 23rd, 2017 at 12:49am AKDT.