Location, location, location
It’s true what you have heard before. You should consider location when buying a commercial property, just as you would if you were purchasing a new house. Is it important that clients and the public can easily access the property? How about staff access? Locations in the town centre are better for local businesses, while locations outside of the city will be more suitable for remote visitors.
Head not heart
If your business is stable and is likely to grow, it is wise to make an investment in property. Renting may be a better option, especially for new businesses. Here, a business-minded person is needed and should not be influenced by emotions.
Flexible
The best property to buy is one that can be adapted for future expansion. For advice from Commercial Building Contractors, visit www.ryanmeadowsgroup.co.uk
Surveys
Before buying a property, a full survey should be conducted. Invest in extra surveys and not just the one done by the mortgage lender. They will uncover any hidden problems before you sign on the dotted lines.
Budget
Budget for all the additional costs. You will have ongoing maintenance costs if you own a commercial property. Create a detailed budget.
Subletting
It is a good idea to keep the option of sub-letting open in order to guarantee a steady cash flow during difficult times. Sub-letting must be permitted by your mortgage lender.
Market
Consider the current price and the long-term forecasts for the area. You should take your time, as a drop in your property’s value will impact your capital.