When you’re looking for brand new business premises, you have a lot of decisions to make. You go from imagining what your new office will look like to choosing whether to buy or lease property in the first instance. Your business growth may mean that buying your own commercial premises has become the easiest thing that you can do to expand comfortably, but what do you need to consider to make this happen?
Purchasing a commercial property is a big deal and the process can be boring and lengthy. From speaking to experts for conveyancing searches to ensuring that you are buying in the right area, you have a list of jobs to undertake and know that you are making the absolute right decision for your business. So, what should you consider to make your commercial property dreams a reality? Let’s take a look!
- Make sure that you do your research. You have to conduct research to ensure that you are buying the right type of property in the right location and for the right price. You also want to ensure that you are investing into the right size that you’ll need ten years, even twenty years from now. It can help to have a good projection of your growth in your business plan to help you with this.
- Where are you buying? Location really does matter when you are buying your property. You need to know that you are making the right decisions for your business. How many staff are close by? Will you be able to afford prices in your leased location? Location matters if you’re going to have big trucks driving up with deliveries, too!
- Have you thought about parking? Some business owners forget the fact that they are going to have people parking at work and they’ll buy inner city offices for the prestige – but no parking! That’s a problem and you need to address this one before you start searching because if you forget this little piece of the puzzle, you’re going to find yourself without anywhere for your staff to go! That’s going to be a problem that you might forget to contend with.
- Be flexible. Let’s be honest here; you’re going to have to think about the fact that you are going to need to bargain and barter. It’s not just about price, but inclusions that come with your commercial premises. You want to know that you are going to have the right place the first time around. You need to ensure that before you buy a commercial property, you read through what’s expected of you as well as the property deeds.
- Budget properly. One of the biggest considerations when you are buying commercial premises is your budget. Can you afford the inner city offices or should you move outwards? When you are budgeting, you need to ensure that you factor in things like furniture and utility bills, too, as these will still come from your monthly expenses – even when you don’t factor them in!
