When growing a business, it’s always a nice feeling to find out that you’ve expanded to the point where more space or owning your own space is an option. Although there’s a lot of great deals out there in today’s market, you’ve got to think resale down the line. Hey, markets change and ours is as I write this!  Here’s a few tips on what to look for when purchasing big or small in the real estate world.

• Make sure the space is suitable for you. Don’t let the investment side of the acquisition deter you from meeting the needs of your business.
• Take location into consideration every time you buy. It’s the one thing you really cannot change. You can renovate. You can raise the roof. You can add an extension, but in most cases, you cannot move your building to a more desirable location. Think about transportation, shipping and employment costs, and you’ll always come back to location. This is critical in a place like Long Island where buildings that are close to limited access highways, will appreciate the fastest.
• When it comes to parking, try to think big, or make sure there’s more than adequate parking at the desired location. How you or your renters use the space, could mean fluctuations in the number of employees. Parking is so much more important than most think, and when it comes to future use, you don’t want employees having to park at the local deli or out in the street.
• Next I would be concerned about ceiling height. If you own an industrial building and want to appeal to a wide section of business on Long Island, you probably want a ceiling height of 18 feet, under steel. This accommodates for racking of 3 standard pallets, but won’t be to heavy on your heating bill. If you go higher or lower than the 18 foot mark, you shrink your number of potential buyers.
• This may seem obvious to most, but a well constructed building is a much more desirable building to investors. Paint and carpet is easy, but an engineer giving you the thumbs up on your roof, floors and foundation can mean the world.
• Lastly, you should think about the environment your building is located in. This may sound like “Location”, but trust me it’s different. Whether on site or in the general area of your building, you do not want there to be environmental issues. Have a complete understanding of the area when it comes to anything from chemicals utilized and disposed of, to water runoff after a good rain.

Working the above tips into your thought process when  making a purchase can significantly boost your resale value years from now.