Have you considered buying or selling property? Do you know how to get important details for the property you’re considering buying or selling?
Typically, a property’s required analysis is based on its size. Commercial real estate properties, for examples, are valued very differently than their residential counterparts. The value of a larger investment property is directly related to how much income/profit it will produce. Getting all the financial details in order and understanding them is where a property analysis report comes in.
A property analysis report provides a lot of useful information including:
- A market analysis of demographic, socio-graphic and geographic data.
- Physical and economic characteristics of the property such as the physical design, square footage, etc.
- Purchase pricing including basic cost information, renovation costs and more.
- Operating expenses to maintain the property such as utilities, property taxes, insurance, repairs and maintenance, licenses, fees and advertising expenses. (Operating expenses directly affect cash flow and profitability.)
- Income information about the revenue the property produces, such as rent receipts.
- Competitive information on how the property compares to other relevant properties in the local market such as age, condition and amenities.
- Financing specifics including any loans, the total loan amount to finance the property, down payment sums, interest rates and closing costs.
A property analysis report is a valuable tool to understand how your property stacks up in the marketplace. It is also important when making any financial decisions on whether to buy, hold or sell. A proper analysis takes research from multiple resources and making sure all the gathered data is accurate.
If you are looking to get a property analysis report done for an industrial building, retail property or office building in the Chicagoland area, let’s chat. Even if you aren’t ready to buy or sell just yet, you’ll benefit from the total understanding a property analysis report brings. Plus, it’s completely free. Let us do all the heavy searching for you and present you with an official analysis for your property.