People ask very silly questions when selling or buying commercial land for sale Atlanta such as; why to invest or why should one evaluate the worth of the property? Many of them sell or buy without even knowing the right price of the land. But it is really important as no one wants to invest or buy something that doesn’t give the proper profit amount to you. As many of the commercial lands that are in use are large so knowing the value of it is important as investors must have the insight into what is the real benefit in it.
Types of Commercial Land for Sale Atlanta:
Many several commercial lands are available that can give you capital in the form of rent or selling it. Several types of commercial lands have to get permits for zoning laws as some of the lands are near residential areas. These lands include;
The office buildings are the most common type of commercial land. They are classified into three divisions of A, B and C depending upon the location and quality of construction. Almost all the offices are located in the commercial zone I the city where all the businesses are located. Other offices can be located in suburban areas where architecture is medium or small; offices are mostly located in houses or apartments.
This is only used for pure industrial purpose. These commercial lands are basically used for factories, assembly areas, different types of warehouses and manufacturing areas. These are building far away from the cities with large localities but have access to all types of facilities to accommodate the staff and other employees.
They are in both suburban and commercial areas of the city. These are basically shopping malls, stores,and community centers. Retail space can be in the single story or multiple ones. The places with the heaviest foot traffic are the ideal place to set up retail space.
Commercial land also can be used for residential apartments. These apartments can vary from high rise, garden,andmid-rise ones. Both the residential areas and commercial locations have these condos. The stories of the building can vary from 3-50 stories with 100 plus units.
Hotels and Resorts:
Another popular commercial land that needs to be evaluated ishotel or resort. As you may know, hotels are exclusively for staying purpose which can be located in tourist areas, commercial zones and sometimes away from the main city centers.
This land can be used for agricultural purposes, farmlands or to dispose of hazardous waste materials. These lands are always away from the cities and villages because of the space they consume and sometimes the waste materials are harmful to dispose of in residential or commercial areas.
Points to Remember when Evaluating:
In this busy life people are very impatient in all the work they do, so they don’t properly evaluate the property they want to buy or invest in. It is vital that you summon into your mind the following points when calculating the quality of the commercial land for sale. Atlanta Commercial Group is one of many who will keep the following points in mind.
- A thorough inspection of the land must be done to evaluate the worth. If you only take a specific area and judge the whole with it then it is unjustified
- The evaluation that you give to the buyer or renter must be true as people believe whatever the appraisers will say to them. They want to give the best information that they have and for that reason exaggerates the details.
- Don’t miss out any detail related to the property; whether good or bad. This will help in proper decision making.
- Every work environment has its own code of ethics and so do the valuation So make it a habit to follow these codes no matter what the consequences.
- Share whatever important information or events that have happened in the area. This affects the future of that commercial land. This will make the evaluation easier.
How to Evaluate the Commercial Property:
There are several different ways by which one can calculate the true cost of the commercial property. It is in a higher competitive sector which attracts investors who concentrate on each and every detail of the land. So people used various methods to know the wroth of a property.
Gross Scheduled Income (GSI):
Investors often use Gross Scheduled Income (GSI) technique to know the real caliber of the land. Calculate it by adding the rent from all the space. Then to be on a safer side minus 5% for the vacancy as not all land will be occupied at once. Whatever amount you will get will be the approximated income from a commercial land.
Calculate the Square Footage:
Many appraisers can give an estimate of the value of the property by measuring the square footage. They keep in mind the repairing for the damaged areas and other expenses. You can also compare the rates of different agents to purchase the right property.
Usage of the Property:
You can always evaluate the worth by focusing on which type of business will be appropriate for the building you are going to buy or rent to. It is really important to do that if you need profitable outcomes from that commercial land.
By now you must have known that it is not difficult at all to know the right worth of commercial land for sale Atlanta and also the ways by which you can calculate it.