5 things to consider before buying Commercial Property
While many businesses opt to lease their commercial premises, for others, buying is a more viable option, providing the autonomy and flexibility that they desire.
However, making this kind of investment is a significant commitment and comes with some substantial risks. If you’re thinking about buying a property outright to serve as your business headquarters, here are a few things you should consider before you sign on any dotted lines.
Location Is Crucial
Location can be an important factor in the success – or lack thereof – of a business. Of course, the location that will be best for your company will depend on your line of work.
For example, if you and your team mostly work remotely, dealing with clients online or over the phone, then a more affordable location on the outskirts of a town or city may be best. However, if you deal with customers on a face-to-face basis, then you should search for a property in a more central and easily accessible location.
It Must Be Easily Accessible
Speaking of accessibility, it’s vital that your new business premises is easily reachable for both staff and customers. If you opt for an out-of-town location, then your employees and clients should have easy access to a car park, either situated on your property or very close by.
On the other hand, if your premises is located in the middle of a town or city, then it’s best to choose somewhere as close as possible to local transport links, such as bus stops and train stations.
It Needs To Be Safe
Once you have found the perfect property, you need to make sure it is in good condition; most importantly, it needs to be safe and secure, to ensure the well-being of your staff and your customers. This means kitting out the premises with smoke alarms and carbon monoxide alarms, if it doesn’t have them already, and making sure that the plumbing and wiring are in sound working order. In other words, you will require an Electrical Safety Certificate.
Not sure how to go about procuring one? If your new business premises is located in London, you can easily obtain an Electrical Safety Certificate with the help of Trade Facilities Services and their skilled electricians.
Set A Budget
Purchasing a commercial property is a significant financial investment, so you need to make sure you have enough funds to make every aspect of the process straightforward. Not only will you require initial capital for the deposit, but you will also need to think about additional costs such as furnishings and any office equipment you may need.
It may also be a good idea to put some money away in your business account for future costs, such as maintenance bills and any unexpected repairs the property may require.
Think About Sub-letting
If your business isn’t currently ready to fill the premises you would like to buy then sub-letting could be a viable option to consider in the meantime, although you would need to confer with your mortgage lender first. Allowing another business to rent your office space during the interim period will provide you with additional funds and will also ensure that the building is kept in good nick.
Conclusion
Buying a business property is a sizeable commitment and may be a little daunting for someone who hasn’t done it before.
However, with the right amount of research and preparation, not to mention a carefully planned budget, there is no reason why you shouldn’t be able to purchase the perfect property to help your business flourish. Use articles like this to get an initial insight and begin the process of finding the perfect commercial property to meet your needs.
