Need to knows about buying commercial property
27 February 2018
27 February 2018
Buying a commercial property can be very stressful as there are so many factors you need to take into consideration. Having a commercial property for your business can either be the first step towards even more success, or be the downfall of your company. Therefore, you need to make sure you find the right property for you and your business!
Why do you want a Commercial Property?
When you are looking for a commercial property, ask yourself why am I buying a commercial property? Are you looking to expand your business? Does my business warrant a commercial property? You need to ask yourself these types of questions to ensure owning a commercial property will benefit you.
Find the Perfect Location!
If you didn’t already know, London is the business capital of Europe, making a commercial property in London, well sought after. London is considered the best place to have a commercial property as it’s the most successful city in the world. If you’re lucky enough to find a commercial property in London within your budget, you’re on the right track to successfully expanding your business!
Have a Commercial Property Near Bus Stops and Train Stations
If you have a number of employees who use public transport when travelling to and from work, it’s essential you buy a commercial property which is easy for them to get to. Another thing you want to ensure is the commercial property has on-site parking or a car park close by. Therefore, the property is easy to access through multiple modes of transport. This factor is important for both employees and clients.
Have a Strict Budget
Having a strict budget for a commercial property is vital. You don’t want to buy a commercial property that’s a bit too expensive as it could stunt your businesses growth. Make sure you’re aware of all the costs of owning a commercial property and plan your cash flow. These costs include;
• Cleaning services
• Mortgage (If you haven’t got sufficient funds to buy the property outright)
Make an offer for the Property
Once you’ve taken the steps above and are satisfied with the commercial property, it’s time to make an offer to the agent. This means informing the agent that you’re interested in the property they have, and want to buy it for a specific price. Once a price and been agreed, the building has passed its survey, etc. The property is yours!
Purchasing a commercial property is very exciting, yet stressful. Owning a commercial property does have its pros and cons, but can reap dividends, providing you invest in a well-located property. The price of the property could potentially rise, therefore, gaining a profit from your commercial property.
To find out more about buying a commercial property, please take a look at the infographic below: