If you're in the market for a restaurant, the first thing you need to do is find a commercial property real estate agent. You don't want to venture into the commercial real estate market without professional assistance. Once you have your real estate agent in place, you'll need to start working on the details. Your real estate agent will find you the perfect location, but everything else will be up to you. Here are four things to consider when purchasing a restaurant.
Proximity to Other Buildings
If you're working with your real estate agent to find a restaurant to purchase, you need to pay attention to the location – specifically the proximity to other buildings. You may be starting out with a small restaurant, but you want to make sure that you have room for growth. Failure to account for future growth could result in your need to relocate once you outgrow your current building. Purchasing a restaurant with space for expansion will allow you to remain in the same location.
Availability of Parking Spaces
When it comes to purchasing a restaurant, you want to make sure that you have a sufficient number of available parking spaces. If the building you're considering is located in an existing shopping center, you'll want to identify the number of spaces that will are assigned to you. The last thing you want is to lose customers due to insufficient parking availability. Before you sign a real estate contract for a restaurant, be sure you'll have adequate parking for your customers.
Condition of Safety Features
If you're in the market for a restaurant, be sure to have the existing safety features inspected. You'll need to know if the restaurant you're interested in comes with a fully operational fire suppression system. If it doesn't, you'll need to identify the cost to have that installed before you open for business. It's also important that you have the grease traps inspected. Grease traps that have not been properly maintained could put you at an increased risk for grease fires.
Existing Liquor License
If you plan to serve alcoholic beverages at your restaurant, consider purchasing an establishment with an existing liquor license in place. Most states regulate the number of liquor licenses that they approve. If the restaurant you're thinking about purchasing already has an active liquor license, it might be easier to have it transferred to your new establishment.
If you plan to purchase a restaurant, make sure you're working with an experienced real estate agent. They can help you work through the list of considerations described above.
Share19 August 2019
When I started looking for a new home, I realized that there were a few things I needed to be careful about. For instance, I really needed to focus on finding a home that would appreciate in value, so I began thinking about investing in the right property. After quite a bit of research, I was able to find a great neighborhood that had a big support system for my family. After we found a house we loved, we worked with a real estate agent to procure it, and it was really nice to feel like we belonged somewhere. Read this blog about ways to find amazing pieces of real estate the first time around.