In today’s economic condition, the real estate market might look pretty good to perusing proprietors. And foreclosed homes are not the only listings being picked over quickly. Right now, there are several real estate-owned (REO) distressed commercial assets on the market that are listed well below market average as a result of this year’s economic unknowns. A distressed commercial asset might be a foreclosed or condemned commercial property, or even a stalled commercial project that never got the funding needed to reach completion.
Either way, as a serious proprietor, it is important to look beyond the marveling price tag of an REO distressed commercial asset before moving forward with the procurement process.
REO Commercial Preconstruction Services are Essential
Several Indiana restaurants, retail stores, hotels, multi-story resident housing, and more, have all been left unfinished, condemned, or otherwise shutdown, due to economic downfalls and similar setbacks. So right now, there are a large number of REO commercial properties listed for a very cheap price. But that does not mean you should just jump right into a buying deal.
Before buying a stalled commercial project or distressed asset that you wish to bring back to life, you need to hire a commercial general contractor who specializes in Central Indiana preconstruction services. They have the experience, acumen, and resources to determine whether or not the cost of the property, plus the cost of the needed construction, makes sense for your overall business objectives and monetary goals.
Further Considerations to Add to Your List
You will need to collaborate with your chosen Indianapolis commercial general contracting team to pinpoint specific elements of the prospective property or asset. Here are some questions to go over:
What was the original intention or building plan for the property by the previous proprietor or developer? Do you have access to the original architectural drawings or blueprints?
How far along is the project? Is it far enough done that it makes sense to complete it? Or is it in early enough stages that a new plan can take its place?
Does the property come with any owed construction costs, such as building code extension penalties or subcontractor liens?
Are there previous subcontractors that worked on the property and know it well-enough to be an asset to your current team?
How secure is the property? Is it safe? Are there electrical concerns or utility issues? Wild water? Frozen pipes or valves?
Is the REO commercial landlord the same one as before? Is all paperwork intact? Is everything paid to date?
Will the municipality permit construction on a stalled or distressed commercial project? Are there fees and costs to be paid? Jurisdiction red tape? Will building permits need to be updated or acquired?
Who Will I Hire for Superior Commercial Preconstruction Service in Indianapolis, Indiana?
Contact BAF Corporation at 317-253-0531 for trusted office and preconstruction services in Indianapolis, Indiana and its surrounding locations. Why choose the esteemed and accomplished commercial general contractors at BAF? Our unique and concentrated approach to commercial preconstruction service safeguards your project’s end result, which ultimately protects your investment and enhances your business’s overall value and function. Call our office today to discuss your commercial construction needs, today. We serve corporate, commercial, and industrial industries in Indianapolis, and throughout Central Indiana. Request free information or to schedule a consultation, anytime.
