Kristen Boen: 701.340.5592
Duane Peterson: 701.240.3660

How, Why and When to Purchase Retail Space

There are many great things about purchasing a retail commercial space as a way of generating more income for your business. Here is a quick guide about buying commercial retail space: the benefits, what to look for, and financing.


BenefitsHow, Why and When to Purchase Retail Spac


  1. You are expanding your business
  2. You will no longer be subject to rent if you currently are doing business in a commercial space
  3. You can find a space that is tailored to your needs or tailor a space to meet your needs
  4. You can find the perfect location close to your target market
  5. Save money over the long run and maybe even make you money
  6. Helps create more accurate business projections because you do not need to factor in changing rent
  7. Additional income if you purchase a space large enough to lease to other businesses


What to Look For


Different businesses have different operating needs and because of this there is no one space that works for every business. You will need to consider what business activities you will be conducting in the space and what the needs are to carry those out in a professional and top quality matter. Here are some things to think about when looking for just the right space:



Finances and Other Things to Consider


Purchasing a property is more than just finding financing and paying the purchase price of the building. As the owner of the property you will be responsible for mortgage payments and property taxes as well as repairs, renovations and tenant concerns if you have any. You also want to make sure the space you purchase is properly zoned for your type of business.


Another great thing to do is look into your capability to continue mortgage payments over the long haul. What happens if business is a bit slow? Will you still have plenty of money to pay the mortgage and keep the lights on to keep conducting business until it picks up again? Review your business plan and projections to see if you have a good customer base and planned growth to afford the purchase. If you decide that purchasing is definitely the next step to take in the growth for your business you will want to start searching for that space that is just right.

More on Commercial Real Estate:

Differences between a Residential and Commercial Realtor®

Closing Process Looks Like in Commercial Real Estate Purchases

Deciding Whether to Lease or Buy Space for Your Business

How to Roll a Commercial Loan in with a Construction Loan


For more information on commercial property in Minot and surrounding areas please browse our website or contact us anytime. Also, feel free to send us a comment below. 

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