DETROIT – Over the last year, there has been a steady incline in Detroit’s economic outlook. Task forces and community initiatives have brought light to the growing economy in the Motor City, and government programs and local outreach has made it easier for individuals to invest in the city’s real estate market.
Although there has been an influx of foreign money into the city, as investors from countries like China are eyeing the low purchase process of buildings and snatching up real estate at an ever-increasing pace, many U.S.-based individuals and small firms are taking advantage of the market and looking to commercial real estate as a secure investment. This push toward commercial property ownership has brought about a large saturation of first-time buyers, and real estate professionals are seeing deals fall through due to common pitfalls that can be avoided.
Local firm, Detroit Real Estate Law, staffs attorneys who are well-versed in both residential and commercial real estate acquisitions, and they are seeing an increasing number of new investors coming to Detroit to purchase commercial real estate. However, they are also seeing the same mistakes being made, and are hoping to assist these new buyers with making successful investment deals.
Some of the common pitfalls real estate attorneys in Detroit are seeing include:
- Under-financing. Buyers are incorrectly estimating how long they can wait before their investment starts paying back.
- Not creating a team. New buyers tend to take advice from anyone, and skip important steps, like having property appraised, or asking an architect to look over the plans to find any future setbacks. A real estate attorney is crucial during the negotiation process, and will flag any potential flaws in a contract. Nobody can invest by themselves – it takes a lot of people to make it happen successfully.
- Not doing the research. Commercial property ownership comes with its own set of rules. With zoning issues, permits, and liability worries, many new buyers don’t realize how much work it is to own and maintain commercial property. Also, what sort of businesses will the building draw? Is it located near transportation and foot traffic? Knowing the history of any property wil help determine if it’s a good investment for the future.
Detroit has never been so prime for solid investment. Businesses are moving back in, along with a budding community of entrepreneurs, artists and workers. It is the best time to get involved in real estate investment, whether it be residential or commercial. However, the experts at Detroit Real Estate Law want to make sure every potential investor is armed with information and resources. For more about their firm, please visit http://realestateattorneydetroit.com/
Company Name: Detroit Real Estate Law, PLC
Contact Person: Turkia Mullin
Email: Send Email
Phone: (313) 468-4932
Address:2216 Northlawn Boulevard
Country: United States