The world’s population can agree that life is weird, and sometimes you end up going in a direction that you never expected to go in. If the weirdness of life has taken you to the possibility of buying a laundromat, what are some considerations to make before you jump in feet first?
Why Is It Being Sold?
Chances are there’s an innocent reason: The family who owned it is moving away, or there was an unexpected death and they need to sell. Understand the reasons ahead of time — and make sure that you’re not purchasing someone else’s problem that they’re running from. Inspect the equipment and the facility itself before signing any dotted lines.
Are You In a Prime Location?
Any realtor will remind you that location is everything when you’re buying a property. Make sure that the business is in a spot that is easily accessible to clients and can draw in new traffic. Is it on the “correct” side of the road so that people can easily pull in and out? What kind of population lives in the area?
There are plenty of tips to consider before purchasing a laundromat, and you can check out Irving Weber Associates for a more comprehensive list. Do your due diligence before diving into something you may or may not be ready for.