Technology today is changing how both tenants and buyers in New York explore the world of non-residential properties. Specifically, listing services online showcases the commercial real estate properties that are available in various markets, and as a result, investors can access a wealth of information about various properties in an instant. However, quite a bit of information may not be available that could alter a property’s value proposition considerably.
For example, a listing service cannot highlight any incentives created to draw investors to certain commercial properties, such as tax abatements, tax credits or competitive financing. These incentives have an impact on a property’s occupancy cost. As a result, it is wise for investors to consult consultants or brokers who are cognizant of such incentives before they make proper purchases.
Brokers can also be helpful for obtaining comparisons of the sales of various kinds of property in a certain submarket. An accurate comparison can help investors to understand the actual market value of a potential property. As a consequence, they can make their purchase decisions based on current facts, rather than on guesses.
Purchasing a piece of commercial real estate can no doubt be a thrilling event. However, an investor’s failure to do his or her due diligence on both the financial front and the legal front may cause the deal to fall through in the end, or it may result in costly consequences for the investor. Fortunately, an attorney in New York can guide investors through commercial real estate deals with the goal of protecting their best interests both now and in the years ahead.