Five tips to consider when purchasing a commercial property
While some companies choose to lease commercial premises, others prefer to buy instead. Not only can the latter provide you with more flexibility, but you will have more freedom to do as you please. Buying a commercial property is a sensible option if you are a small business who is looking to expand.
However, before you make your final decision on buying a commercial property, here are a number of factors to consider.
Conduct extensive research
It’s crucial that you conduct as much research as possible before purchasing a commercial property.
There are various things to look into, such as long-term predictions for the location you plan to operate in, as well as if there is anything that may benefit or hinder property values. The last thing you want is to have a decline in value of your business property as this could lower your business capital too.
Pick the right location
Location is a huge factor to take into account when buying a commercial property.
Like you would when on the hunt for your own home, you will need to think logically about what your premises will be used for. There are other questions to address too, such as how many clients will be visiting you frequently, the number of staff you will need to house, and whether the location is easily accessible for all. It’s often best to pick a central location that has easy transport links.
When viewing commercial properties, you need to make sure that the building is flexible enough to accommodate future needs.
It’s inevitable that your company will change and expand whilst you operate in said property, so finding premises that can be modified to your liking over the years is important. Before signing on the dotted line, make sure that you have a look at the property deeds to determine whether there are any restrictions in place.
Get the property surveyed
Before purchasing a commercial property, it’s vital that you have it professionally surveyed.
Whilst you may think a basic survey will do the job, you need to be confident that you’re making the right decision, especially with the amount of money you plan to plough into the premises. An extensive professional survey will pinpoint any problems that may arise with the property.
Cleaning and maintenance
It’s important that you take good care of your first commercial property.
Your premises need to be habitable and comfortable for whoever walks through the door, so hiring experts in cleaning and maintenance can help ensure your property is well maintained. Consider using a company like Regional Services, who provide a range of facility management and support services to all kinds of businesses. You can find their services here, where they can give you more information on what you may or may not need to keep your business property well cared for. The company also deliver pest control services and site support staff.
Taking the plunge and buying a commercial property should be a decision that’s never taken lightly. With so many different factors to consider beforehand, it’s best to do your research first so you can be confident with your final decision.
Photo credit: Stuart Green