Do You Know Your Commercial Property Cost Per Square Foot?
Knowing Your Commercial Property Cost Per Square Foot Can Help Determine What Insurance Rates You Get!
Do you know your commercial property cost per square foot? The reason why this is important is because it allows one to have a better understanding of the potential insurance rates that can be expected, and as a real estate investor, you want to make the most strategic moves for your investment.
What Is Your Commercial Property Cost Per Square Foot?
To find this number, you would divide the total number of the overall square footage by the price being asked. Or, the overall price of the home. Thus, for example, a commercial property that sells for $100,000 would be divided by 2,000 square foot which would then be $50 per square foot.
This gives you the specific price on your property investment, and as a real estate investor you want to know exactly what your commercial property is worth. This could then help you understand how feasible it is to flip, or to simply use it commercially.
Why Do You Need To Know Your Commercial Property Cost Per Square Foot
As mentioned, the cost of your property is one, of many items, that will help you determine what kind of insurance rates you get. For example, if you live in Harris county then you should expect specific interest rates as opposed to if you lived in another county.
Knowing what interest rates you should receive can greatly work to allow you to determine key investment strategies for the long run.