6 Reasons to invest in commercial buildings for sale Penticton
If you’re a long term investor or simply looking for a place for your business to call home, commercial buildings for sale Penticton offer great financial opportunity. With so many possibilities for your space, and great benefits commercial real estate has never looked so appealing. Find out more on why your next investment should be commercial real estate below.
1. There is a large potential for profit with commercial buildings for sale Penticton
While residential real estate offers a fair amount of income, a commercial property can produce much more. With the ability to accommodate more than 1-2 tenants, real estate in this class can produce a large profit. Moreover, spaces in commercial buildings often come with higher price tags. For an investor, this means a greater financial gain over time. Things like rent increase can also contribute to a larger annual income.
2. The Professional Atmosphere
Since you will be dealing with business owners as opposed to residential tenants, the overall atmosphere will be more professional. Correspondence between owner and tenant will be more cordial, as tenants are more likely to abide by the rules when their business is on the line. Additionally, there will be less complaints and disputes making your job as the landlord much easier. A decrease in destruction and poorly taken care of units will also come as a benefit to commercial real estate.
3. Quality Maintenance and Increased Value.
When drawing up a commercial lease contract, many landlords opt for one that covers the expenses of maintenance, up-keep, damages, property taxes, insurance etc. This means the tenant is responsible for all of the above. Being the owner of the building, you’ll benefit greatly from this. However, it may bring about some grumpy occupants. In addition to having almost no extra costs, the owner also has the perk of a higher leaseholder standard. What this means is that the renter (being a business owner) will invest as much if not more into the appearance of your building. This all due to them having their own reputation to uphold to clients and competitors that visit their business.
4. The market for commercial buildings for sale Penticton is less competitive
It isn’t to say that commercial real estate in Penticton isn’t a competitive industry, but in comparison to its residential counterpart, buyers may find that CRE is much less intense. Traditionally the Okanagan has a very high demand for real estate – especially of the residential kind, so investors might be pleasantly surprised with commercial buildings for sale in Penticton.
5. Expand your portfolio with commercial buildings for sale Penticton
If you’re a long-time real estate investor, but haven’t quite branched out to commercial properties yet, now could be your chance to expand your portfolio. Having multiple sources of income spread throughout different areas is a great way to stay financially in the game. Furthermore, there are plenty of options for investing in commercial real estate that make buying much more flexible and overall attractive.
6. Longer Lease Terms
A commercial property often involves much longer lease terms than residential real estate. When it comes to housing, a quicker turnover and shorter lease terms are usually expected. This can involve much greater stress, as the landlord must always be looking for new renters to fill units. In contrast, as a commercial lessor, contracts can vary anywhere from 3 years to 5 on average. Thus, making the turnover time significantly longer.
There are several benefits to investing in a commercial property in Penticton. Contact me if you are interested in purchasing real estate in this area or if you have any questions! Check out my social media for more info – I look forward to working with you during this exciting time 🙂