Owning commercial property involves a lot of moving parts. After acquiring the land, maintaining the investment is a huge responsibility. It’s easy to neglect a few things here and there. However, the particulars are important because they have a bigger impact on your investment than you think. Catch up on the small details you may forget when owning commercial property so that you never fall short.
Zoning Laws and Land Use
Zoning laws and land use refer to specific rules and regulations for pieces of land divided into zones by the government or a municipality. It dictates acceptable methods of land use for property inside zoning districts and determines which types of properties can coexist in different areas.
Familiarize yourself with the zoning laws for your district and commercial property. Even if the property already exists and you’re buying it from a previous owner, you need to learn the dos and don’ts of it all. Plus, you never want to start building additions or constructing renovations that may violate the zoning laws.
Rules and Regulations
Rules and regulations may seem like the same thing as zoning laws, but they’re not. For example, if you own a property with an adjacent parking lot, you need to know the rules regarding that lot.
Depending on the lot, you need to know how many handicapped spaces you need to provide. And there are even rules regarding the average length of parking lot stripes. This small detail can easily slip your mind, but you need to remember it if you want to avoid an expensive fine.
Regular Inspections
All buildings need regular inspections. Never fail to have your building inspected in all required areas. The inspections ensure the property is up to code and protects you from legal action. Plus, it ensures the safety of residents or those who frequent the building.
Failure to pass an electrical inspection could result in an electrical fire, or a failed roof inspection could cause serious deterioration. Inspect the roof every six months to ensure everything is OK. Write down all the areas of your property that require an inspection on a calendar to never forget them.
Environmental Specialist
Not too many property owners include environmental specialists on their team, but they should. Before purchasing a commercial property, it’s a good idea to hire an environmental specialist to assess the property.
They use their knowledge of natural sciences to protect the environment and human health. If your building runs a risk of harming either, the specialist will inform you of their findings and provide solutions to the problems. Environmental specialists wear many hats, including cleaning up polluted areas, advising policymakers, and working with industry to reduce waste, so working with one can benefit you in many ways.
Remembering these small details when owning commercial property can allow you to protect your business for years to come.
