Commercial real estate can cost quite a bit more than the average house, and if you are looking to acquire such a property in the future, you will want to make sure you can acquire the funds you need to make the offer and also ensure that you are getting as good of a deal as possible. To that end, here's why you should look into hiring a commercial real estate appraiser before the sale goes through and why you might want to stay in touch with an appraiser even after the property becomes yours.
Make Sure You Are Paying a Fair Price
The real estate market has seen some wild twists and turns since COVID-19 came into everyone's life. Prices are up across the board in many cities, and this could include the commercial real estate near you. While the seller might have their own opinion or even an official appraisal as to what the property is worth, it can give you peace of mind to have someone do a bit of additional homework for you before you sign on the dotted line. A commercial real estate appraisal can ensure that you are paying a fair price or will at least let you know that you should move on and find another property instead.
Make Sure You Can Secure the Loan or Mortgage You Need to Complete the Deal
Landing a loan or mortgage for a commercial property can require you to jump through quite a few hoops to appease the lender. Most financial lenders that offer loans for commercial property will want to see that there is a recent appraisal on the property. In other words, your lender is not likely to just take the seller's word for it. Get a commercial appraisal done by a seasoned pro and then show this impartial opinion to your potential lender to help you secure the loan you need to complete the deal.
Reduce Your Property Tax Bill
Once the property is yours, you might want to keep that commercial appraiser in your address book. If for some reason the area where your business or commercial property is located experiences a downturn, the overall value of your property might go down. This could actually be a good thing for you in a way if you are not looking to sell anytime soon because a lower property value could mean a lower property tax bill from your business to the government. Get an appraisal by a seasoned pro and provide this information to the relevant governmental agencies to save yourself some money on your taxes.Share