There are some businesses that will use commercial properties for their office space, but will do so on a lease basis.
However, for a number of businesses, it can be a more suitable option to buy a commercial property, as it can be an investment for the business, as well as offer some more flexibility and freedom. This kind of thing can be key to help growing businesses.
Although it can be a good option, it is not always an easy or straightforward option.
There will be a range of questions that you need to ask yourself when it comes to buying commercial property. That is why there are some real questions that you need to think about and research, in order to make the best decision for you.
Research thoroughly
Researching your commercial property is something that is vital. You need to assess the location, the costs, and if there is anything that could lead to property damage or stop the value of the property in the future. If you have a decline in property value, then it means that your business capital is at risk, so research and looking into the market is really important. You could also look at getting surveys of the property, including a drone survey, in order to see what is around, as well as if there are any potential hazards that could be costly in the property.
Location
The location of the property is really vital and an important thing to think about when purchasing a commercial property. You need to factor in how staff will get to the office, what parking is like and public transport links, as well as other considerations. How accessible is the location? Will it be possible to get clients to come to the property easily? How many staff will need to be in the premises at one time? What will work for your business won’t work for others, so it can make a big difference. Think about what is going to be the most cost-effective option for you and what will suit your business the best.
Consider your deposit
There are some businesses who can find it easy to forget that for buying a property, commercial or not, you will need to have a large deposit. For a commercial property, you need to think about what money there is for your budget, and if there will be enough for you to have a good deposit. It is important to remember that any lender is likely to ask you for at least 20% of the property value, but it could be more. They may ask to see business plans if the business is relatively new and it doesn’t have a reputation.
This is just the start of the considerations for buying commercial property. Look closely at what you can afford, as well as making sure that it is going to be an ideal fit for your business and the staff. When you get it right, it will make such a difference.
