Investing In Medical Real Estate? Know These Top Tips
Medical Real Estate is where the buildings and offices are leased to healthcare professionals or healthcare businesses. Health systems, hospitals or private groups can own these buildings and offices.
Once you decide to buy medical real estate, you must do your due diligence before you sign the contract.
Here are the top 5 things to consider before buying medical real estate:
1. The Right Time to Buy Medical Real Estate
- Timing is important if you want to buy medical real estate. If you have over ten years remaining in your practice, then you can buy the building. You will have enough time to pay down your loan.
- Additionally, you need to consider your financial stability before buying the building.
2. Medical Real Estate: Leasing vs. Buying
- You need to decide whether to buy or lease the building. Leasing the building does not come with the risks of owning it, saving you maintenance costs.
- Buy the building to avoid worrying about annual rent increases. And if you own the building, you can stay in the same place for a long time.
3. Where to Buy Your Medical Real Estate?
- You need to consider the location of the building because some markets are much stronger than others. Do proper research before you select a building for your medical practice.
- Also, consider your specific patient base before you choose a location for your medical practice. Make sure your chosen location is easily accessible to your patients.
4. The Physical Condition of the Building
- Check the history of the building before buying it. You must know what it was used for to know the wear and tear of the property.
- Inspect the building to know the kind of repairs the building needs.
- Knowing the physical condition of the building can help you make an educated decision. It also helps you know the resale value of the building.
5. Hidden Costs
- Some buildings have hidden costs. However, the seller may not reveal these hidden costs. You must know the cost of maintaining and running the property.
- You can estimate the potential costs in advance before you sign the contract. Ensure you can afford to run and maintain the building.
It is difficult to find the right medical real estate. Therefore, if you are looking for investment properties in Albany, Western Australia, contact us here – https://www.realforceproperty.com.au/contact-us/
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