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If you’re thinking about buying commercial property in Queens, NY, you want to work with a reputable and experienced Forest Hills, NY commercial real estate buying agency. In Queens County, that’s Salem Advisory, LLC. Our team of licensed, professional buyer’s real estate agents are experts in the industry and specialize in assisting inventors who are interested in buying commercial property. Our goal is to provide the most thorough, cost-effective, personalized, and reliable solutions while delivering the most enjoyable and rewarding experience for our clients. In the more than 20 years that we have been in business, we have helped countless investors successfully buy commercial spaces. If you’re thinking about buying commercial property near you, get in touch with a company that you can count on to provide the most dependable results: Salem Advisory, LLC.
5 Great Reasons You Should Buy Commercial Property in Queens, NY
If you’re looking for a way to expand your financial portfolio, real estate is always a smart investment, and there are several ways that you can invest in the real estate market. Rental properties, house flipping, real estate investment trusts (REITs), real estate investment groups (REIGs), real estate crowdfunding, or even renting out a portion of your own home (a basement apartment or a bedroom, for example) are just a few of the different options, and while each one certainly offers benefits, there’s another opportunity that you don’t want to overlook and should really consider: commercial real estate.
In the most basic terms, commercial real estate is any property that is used solely for business-related, profit-generating activities. These properties can include office buildings, retail spaces, restaurants and bars, warehouses, storage facilities, hotels, casinos, and more. So, why should you buy commercial space? Here’s a look at five reasons why Forest Hills, NY commercial real estate buying is a sound investment.
There’s a Big Income Potential
Without a doubt, one of the best reasons to buy commercial real estate is the income potential it offers. It costs a lot more to buy or rent commercial facilities than it costs to buy or rent residential properties, and with those higher price tags comes a much higher income potential. For example, rather than making a few hundred dollars each month on a rental home, there’s a good chance that you could make thousands, tens of thousands, or even more when you rent out commercial properties to tenants. With a greater profit margin, you could expand your portfolio a lot faster.
The Prices Are Historically Low
Commercial properties are much less expensive today than they were even just a year ago. Depending on what part of Queens County you’re interested in, you could be looking at prices that are tens of thousands less than they would have been only 12 months ago. As restrictions are loosened and more and more businesses are opening back up, entrepreneurs throughout Queens, NY are going to start looking to open up new establishments, and before you know it, the prices of commercial buildings will start creeping up. By taking advantage of the current historically low prices, you could spend a lot less and make a lot more.
There’s Much Less Competition
In Queens County, the residential real estate industry has become fiercely competitive. The commercial real estate industry, on the other hand, is seeing the opposite trend. As a result, it will be much easier to find investment commercial property, which means you’ll be able to start taking advantage of the income potential that this type of real estate offers.
There are Tax Incentives
Few investment opportunities offer tax benefits, but commercial real estate is an exception. These benefits include the deprecation and the mortgage interest deduction. With the former, you can deduct a part of the value of your commercial property from your taxable income every year, and with the latter, you can deduct the interest that you pay on the loan you took out to purchase the property from your taxable income each year. If you sell the property in the future, you can also take advantage of 1031 exchanges, which will allow you to avoid capital gains taxes by exchanging the profit you made on the property you sold to another property or asset. With these tax incentives, you can save a sizable amount of money.
The Turnover Rate is Lower
If you’ve ever invested in residential real estate, such as an apartment building or a single-family home, the turnover rate can be quite high. These properties usually run on one-year lease agreements and finding new tenants to fill your property can be a serious hassle and a costly endeavor. With commercial real estate, however, the turnover rate is much lower. That’s because the minimum lease agreement for a commercial property is usually three years. Longer lease agreements minimize turnover rates and the stresses and expenses that are associated with them. As a result, you’ll be able to enjoy a much more stable income.
Looking to Buy Commercial Property in Queens County?
If you want to take advantage of the above-mentioned benefits, you’re going to want to find a highly qualified and reliable purchasing commercial real estate agent to assist you with the process. Salem Advisory, LLC is a leading Forest Hills, NY commercial real estate buying agency that has successfully helped countless clients find high-quality commercial properties in the Queens area. To find out how we can assist you, call 212-517-1077 or visit https://www.salemadvisory.com to speak with one of our licensed, knowledgeable, and friendly buyer’s real estate agents.