No investment is a sure thing in Michigan. However, some have a higher chance of turning a profit than others. If you’re thinking about opening your own business, here are a few of the hottest properties on the market.
What are some good properties for new businesses?
Storage facilities are some of the most profitable properties on the market. Unlike apartment buildings, they don’t have complicated business contracts and require little upkeep on your part. You don’t have to deal with tenants, broken appliances and other issues. People simply rent out a unit to store their belongings, then take everything when they leave.
Apartments are much more complicated, but they can also be a good investment. No matter what the economy looks like, everyone needs housing. An increasing number of people are turning to apartments because they can’t afford to buy a house or don’t plan in staying in the area very long. The only downside is that you’ll have to deal with leaky faucets, broken appliances, tenants who don’t want to pay their rent and other issues.
Business properties are also in high demand right now. One popular investment is a co-working space that allows people to rent their own offices. These properties are popular with people who have their own businesses but can’t afford to rent an entire building. Similarly, flex spaces give small businesses a place to rent an office and a showroom at the same time. These are low-risk investments because people are launching new businesses every day. Until their businesses take off, they’ll need a place to operate.
Other types of investments come with higher risks, but they could also have greater rewards. In any case, talk to a business law attorney about the finer points of property investment before you make a decision.
What do you need to know before you invest in a business?
An attorney could help you find the real estate that you need for your business and get financing before you make a purchase. If you plan on building your own facility, they could help you with building codes and zoning laws.