Part Two: Considering Buying Your Building From Your Landlord? Keep Reading!
Continuing with the topic of buying the building you’re currently renting, I’ve developed some more content for you to read through, and consider as you weigh your options.
First and foremost: prepare to negotiate:
● Know your limit, pay within it.
● Be a good tenant so your landlord wants to support your business success.
● Look at alternative properties that are available
● Figure out your moving and closing costs
● Seek allies: the property manager, other unit holders, the condo board or other authority, even the neighbours might be able to promote your purchase of the space.
● Use a negotiator (perhaps your real estate agent) to control and contain the process so that the relationship remains intact even if the sale does not go through.
● As a backup plan, consider rights of refusal, options to buy, vendor take-back arrangements and other innovative ways to bring about the sale.
● Know your ideal timelines, and how you can be flexible.
Call me if you’re ready to try to buy-out your landlord.
Next time, I’ll share tips on getting even closer to buying by making an effective offer.
Here’s wishing you storefront success!
-Matt
