In the Denver commercial real estate market, not all properties are created equal. There are the can’t-miss properties that any investor would be thrilled to purchase. Areas in hot and happening neighborhoods around Denver are seen as a good-buy, especially if you can get property that is in the midst of a foreclosure. But there are also areas and other factors which can turn commercial property in the mile high city into a less-than-desirable situation. If you’re in the market for purchasing commercial property in the metro-area, here are a few of the things you need to be aware of.
High Crime Areas
Neighborhoods which suffer from a higher-than-normal crime rate are areas which an investor should seriously consider avoiding, unless certain factors make the property too attractive to resist. If a building has good bones and is the desirable amount of space and design for investors, it may be worth considering purchasing this type of property as a long-term investment to have in one’s portfolio. However, if a person or group of people are seeking a short-term project, these areas should generally be avoided.
The Property Has a Poor Foundation
You’ve just uncovered incredible property in one of the best areas of the city and you’re wondering how this place could possibly be available. You’re overjoyed to have found the last hidden gem, when you discover the property’s dark secret: the foundation is cracked and may need to be replaced. This can spell death for any possible purchase, especially if an investor was not looking for a fixer upper scenario. If commercial real estate has extensive repair-issues, it’s very possible you may need to look elsewhere in your search for a solid asset.
The Property is Overpriced
Ok, this may seem like an obvious statement to casual observers, but it’s important to consider the price as one of the biggest factors prior to investing. Clearly, a person doesn’t want to pay more than market value for any property they happen to invest in. Get a clear appraisal from a trusted source before you dive head first into any commercial real estate project in Denver.
Though it may seem like a seller’s market and you’re at the behest of the property owner, you can still do due diligence and get an accurate assessment of the situation before investing lot’s of money into the project. Always do your homework before dropping a lot of money onto any project, no matter how attract it appears to be.
If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us
today to begin the process of building your dream property development.