Are you looking for a great investment opportunity? If so, there's never been a better time to invest in commercial real estate.
Commercial building construction is a step-by-step process that requires a ton of planning. This includes applying for a number of building permits, as well as zoning and environmental concerns.
Let's take a look at some important things you'll need to know before you break ground on your big investment.
Build 'Em Up: Here's What to Know About Building a Commercial Building
Building a commercial building requires a lot of time and money, but the results are well worth the effort. Keep reading to find out what it takes to get started.
Before You Purchase the Land
Location is one of the most important decisions you'll make. And once you've decided on a location where you'd like to build, you'll have to deal with issues such as zoning, water and sewer lines, soil boring, environmental testing, and surveying the land.
Purchasing the Land
Once those vital preliminary matters have been resolved, you can move forward with the purchase of the property where you want to build.
If you haven't already begun working with an architect, it's now time to pick one. Selecting the right architect for the project is important because you'll be working together over many months so you'll need to make sure you get along, and that they have a good reputation with previous clients.
Design
The design process goes through several phases. These include Preliminary, Design Development, 50% Construction Documents, 100% Construction Documents, and Construction. Each phase is important and builds on the previous one.
The architect is the only one involved with the Preliminary Phase. But as the design process moves through the other phases, a number of other people will become involved. These include structural, mechanical and electrical engineers.
You also work with several types of inspectors in the municipality where the construction is to take place.
Building the Project
Now that you've acquired the land, completed the design process, and gotten all the necessary permits, it's time to begin building.
Believe it or not, many property owners have never built before and don't know what to expect over the course of the project. This is when a skilled and experienced architect can help with contractors, organize a payment system for construction bills, deal with equipment leasing like crane hire, and serve as project supervisor.
Once construction is finished, you'll need to receive a Certificate of Occupancy from the same municipality where you got the building permit. The owner must also get final releases of liens from all contractors, subcontractors, and material providers involved in the project.
Built It and They Will Come
Building a commercial building can be exciting. But to do it right you need to first understand the building construction process from beginning to end.
Commercial building construction is at the heart of any economy, and there has never been a better time to claim your piece of the action than right now!
Click here to learn 5 common pitfalls that every small business should avoid.
