Families move to Houston for jobs in oil and gas, medicine and aerospace. But some decide although they are moving to the big city, they do not want the big city life. So, areas with smaller populations, like Richmond, Rosenberg and Fulshear, are getting ready for expansion.
With population growth comes the possibility of economic growth, which means the need for more businesses and commercial space for these businesses. You have done new builds in the past, so you think now may be the time to change your focus to buying and renovating an existing building.
- Business needs
What type of commercial tenant do you want to lease to? For a restaurant, what size will fit? Will it be a small café or will you need an industrial-size kitchen to feed a large group of people? If you want retail, you may need extra outside space for loading and unloading merchandise.
- Costs
What is the cost of renovating? You will have to consider everything that is already in place in an existing building – electrical, gas, plumbing. Is it worth the expense to move these things to another location because of a specific layout you want? Is the upkeep of an older structure worth it knowing unseen issues could drain your budget?
- Location
Is buying an existing building in downtown an option for the type of business owner you want to attract? A building in the historic area may not work if you have a particular plan in mind. If you want a lot of customers, parking may be a problem.
You may not have the option to expand or renovate precisely as you would like. Speaking with your attorney about the due diligence involved with an existing building may help you make the final decision.