Residential and commercial real estate are two completely different markets, even in Michigan. And the economic downturn has affected each of them differently. While residential homes continue to be foreclosed on by banks, commercial real estate hasn't necessarily had the same outcome from the slump that the economy has been in, although it most definitely suffered. In fact, the economy in many cities and states is actually improving, resulting in a comeback for the commercial real estate market.
However, investors looking to purchase more commercial real estate or businesses looking for an affordable housing option for their venue may look to foreclosed real estate. While a foreclosed property is available because of the unfortunate event that someone was unable to make their monthly payments as promised, it is potentially an excellent opportunity for someone else. Foreclosed properties are available at cheaper prices that new real estate, but it is imperative that the dwelling be inspected from top to bottom before purchase.
When it comes to commercial real estate for one's business in Michigan, it is crucial to check the property for any problems, title issues, etc. There are a number of difficulties that could arise down the road if you don't check into it before signing those papers. Make sure that before purchasing commercial real estate, you are in a position to maintain the property in terms of monthly payments, maintenance and anything else that may come to light during your ownership. It is also critical to protect one's overall current and future interests so that the real estate transaction is the most appropriate to meet both short-term and long-term business goals.
Source: Reality Biz News, "Commercial Real Estate in Today's Economy," May 30, 2012