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Buying Commercial Property in Las Vegas

Location is always high on the list of things to consider when buying any kind of property, and buying in Las Vegas is no different. If you find a property you like, take a look at the deeds and the ownership history.<br>

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Buying Commercial Property in Las Vegas

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  1. Things to Think About When Buying Commercial Property in Las Vegas

  2. Table of Contents  Using a professional  Location  Deeds  Size  Financing  Coronavirus  Local Attorney Contact Details

  3. Using a professional While you can find properties for sale on commercial selling sites, if you are new to the area or new to buying property, it might be a good idea to talk to a professional commercial real estate attorney. There is a lot of paperwork and red tape to deal with when you buy a property and attorneys have all the experience to be able to help you navigate this without too much stress.

  4. A realtor can help filter out properties that would not be useful for you. This means you don’t have to spend hours searching through reams of listings to find something that is suitable. It also reduces the chances of falling in love with a property, only to have something simple but unseen derail you at the last moment.

  5. Realtors are also professional negotiators and should be able to get you the best price for the property you are looking for, and should be able to get you a better price than you could get for yourself. They should also be able to furnish you with the most up-to-date information available in the industry at the time.

  6. Location Location is always high on the list of things to consider when buying any kind of property, and buying in Las Vegas is no different. If the plan is to rent out the space you’re buying, it would be a good idea to focus on the municipality of Las Vegas, and in areas where commercial properties are located together, as this will increase your ability to charge more in rent.

  7. Deeds If you find a property you like, take a look at the deeds and the ownership history. There should be a simple list of buying and selling without any gaps, if there are gaps, you might have to do other legal paperwork, which can cost you money. If there are outstanding taxes on the property, this can also cause you headaches down the line.

  8. Size Another thing to consider would be size. What is it you are envisioning in the space? Will you be able to create your vision in the space you’re looking to buy? If you are buying the space for your own business, is it going to be too big, and therefore too expensive to run, or could be too small and make the day-to-day business too cramped?

  9. Financing How are you planning to finance your new commercial property? Are you getting a loan or are you paying in cash? Another option would be to form a partnership with investors; this would give you more buying power and the chance at a more profitable property.

  10. Coronavirus While Las Vegas was set to have a successful period at the beginning of the year, the emergence of Covid-19 has meant that the city has the highest number of jobs in at-risk sectors in the country, with a unemployment rate of 33 per cent rather than the national 14, 7 per cent. This means that there has been a spike in the number of businesses filing for bankruptcy in the last few months. This could mean there will be some real estate bargains to be picked up at auction in the coming months, but be aware that most landlords have been receiving between 40 and 70 per cent of their rents.

  11. Experts expect stores to adapt to how they function and use retail space they own, so you might need to be more flexible in your ideas for commercial property, but it looks like Las Vegas’ retail outlook is good, and looking to recover well. There is also the consideration of what office spaces will look like following the lockdown. There will be a definite shift towards remote working and hot desking, and you should think about whether that impacts your choice of commercial property?

  12. There may also be some value in delaying any purchase of commercial property until after some of the dust has settled over the Coronavirus pandemic to see what prices are going to do. With bankruptcies and unemployment rates rising, commercial property prices could be set to reduce. Hang fire for a couple more months and you might get yourself a much better deal.

  13. Local Attorney Contact Details GARY E. SCHNITZER Address: 8985 S Eastern Avenue Suite 200, Las Vegas, NV 89123 Phone – 702-222-4142 Website - https://ksjattorneys.com/team/gary-e-schnitzer/

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