With many businesses being tempted to rent a commercial property, it can often be best to purchase in order to have more freedom and flexibility on what you are able to do – not only this is can also be a great financial investment. Finding the right property is not always easy, and can take significant time and effort to find the right one, and even upon finding the right property it takes time to move and become established in your new space. Here are our top tips on what to look for when purchasing your property, and things to consider before signing.
Location is a very important factor, think logically about what you will be using the premises for, how often you will be visiting, and if it is commutable from your home. It is also beneficial to consider how the location will affect your staff, and if any of them would need to relocate as this may also affect your decision and how well this change is accepted within the business. It is important to establish what transport options are nearby, as not all employees and clients have access to a car. If many people are going to use the space, it is good to be close to transport links so that everyone can easily access the premises.
Don’t forget to budget
Consider all aspects of the cost of the move, not just the initial sale of the property. Make a budget for any furniture, equipment or long-term upkeep and renovations that may need to be done – this way you can ensure are able to afford the move in the years to come.
Make sure that the property has all the facilities that you are going to need, or the space to have these installed. This includes toilets, plumbing, power, heating and internet access to name a few. It is also important that the space is well ventilated and has lots of space for lighting components to ensure sufficient brightness levels, which will help in optimizing work productivity.
Make sure the property has all permissions and licenses that you may need, to ensure that you stay on the right side of the law. This is generally easier to purchase with the property than to try and obtain at a later date. If your property is too large, you could speak to a mortgage lender and consider subletting space to another business, in order to help reduce operational costs.
Make sure to do plenty of research, and speak to other businesses in the area prior to purchasing. Always get a comparable from different brokers before taking out a mortgage, to ensure you are getting the best rates.