Commercial Property: Is There Something In It For You?
When it comes to starting your own business, you really have a wealth of options to explore. Unless you have a set skill set or a passion for a particular industry, the world really is your oyster. If you want to go into a business operation that is going to pay well from the start and hopefully offer a lot of longevity, property can often be a great choice. But, that doesn’t mean you have to go into real estate itself. In fact, what you should consider is property development and ownership as a commercial venue.
Rather than looking into selling houses like a realtor does, one of the most profitable kinds of property business that you could go into is real estate investment. With so many different kinds of investments available, you’re bound to find one that will suit your business needs and prospects. If you have some startup capital or you can secure funding, your small business can start off on the right foot with property. To see whether going into the world of property investment as a viable business option could work for you, take a look at the different kind of investments that are available and see if it could be the start of something special.
This is often the area that most people start out with when they go into property development. When it comes to houses, you can often get great rental value that can provide you with a profit, or even flip and sell if you want to reap an immediate reward. Either way, property development in the residential area can be a viable commercial business. Even if you start out with one house and take your time with it, you should be able to find a solid investment.
Similarly, you’ve also got apartment blocks to think about too. When you first start out, a house or one apartment is a great first property to work with, but, if you have a bit more cash or you’re looking to move onto a new venue, entire buildings can be a great idea. Sometimes, you can turn houses into apartment buildings too. With an entire block, you will often find that you get a high profit when you rent out or sell.
Taking property investment to the commercial sector, you’ve also got the option to invest in an office block. Or, you like the apartments, you could turn a building into a bunch of offices to lease out. You may need expert help from specialist contractors and industrial electricians to make it happen, but you will often find the ROI worth it. With a bunch of offices to rent out, your property portfolio should look strong.
Then there’s also the option to own a hotel or even a motel. When you first get started, you may want something smaller, so a motel can be a great investment. Whether you have hospitality experience or not, you may find that owning and running a hotel can be a great business venture. And if you’re not interested in a hotel as a business, you could get hotel operators in to run it for you as a business option.
If the idea of a commercial property appeals to you, without the hectic hospitality aspect to it, you may also be interested in owning vacation rentals. Now, this could be a business venture that you can do, as well as a property investment. With the right look, in the right location, a website, and a bit of marketing, your vacation rentals should pretty much run themselves.
But there’s also storage units to consider. Now, this may not seem like a property investment, but technically it is. It’s a commercial premises that you will and rent out. Although people may not be living in the property, storage units are still a kind of property. Sometimes, this can be something you can do on your own land, or you can look into buying purposely built storage units, or even an existing business.
Similarly, you might also want to think about investing in a retail space. Real estate can be a great way to make money regardless of the kind it is. But, when you think about investing in retail real estate, if you pick the right place, you could have a constant money earner on your hands. By leasing out to one business for a long period, or even a few different businesses, you could see a steady income similar to that or a residential rental.
Another commercial option that could be part property investment part commercial business, would be to buy and run a Bed & Breakfast. B&Bs can be popular across the country. If you live in a place with high tourist trade, or you’re willing to relocate, it can be an exciting business venture. Again, you could own the property and lease the business space, but you may find it both profitable and enjoyable to run it yourself.
Next, there are also operational businesses spaces that you could consider investing in, like a farm. Now, you may not want to invest in the business idea as such, just purchase the property. Then, you could lease out the farm to someone that wants to both live on a farm property and run it as a business. You could also do the same with something like a ranch too. Both options don’t have to be working, as they could just as viable property investments in their own right.
And finally, you may also want to think about investing in land as a commercial venture. We don’t always see land as the same thing as property, but it very much is. Not only would you have the option to build on it if you can acquire the right licenses and planning, but you could also hold onto it for the future and allow it to increase in value, to then sell when the time is right.