Many people invest money into property to rent out. It is a sound investment for the future and provides an income into retirement also. It is also a good thing to hand down to children. Most people find residential property, but commercial property shouldn’t be ruled out, and now is a great time to invest in commercial property.
There are four main types of commercial property. These are:
Retail Buildings – Shops, both small shops in town centres as well as larger, warehouse type stores on retail parks
Industrial Properties – These are mainly factories and warehouses, and can vary in size
Office Buildings – These can be a whole office block, or a smaller building divided into separate offices or even one office
Leisure Facilities – From gyms and swimming pools, to hotels and pubs, leisure buildings cover a wide range of activities
Before you purchase a commercial property, do some research in the area you are looking to buy in. Look at what else is available, and how much in demand the type of property is. You may need to set some money aside in your budget to make alterations or repairs to the property, such as roof repairs by these industrial roofers Norwich https://www.modbayltd.co.uk/industrial-roofing-wall-cladding/commercial-roofing-cladding-repairs-norwich/
Think about the sort of people who may want to rent the property from you and the needs of the business. Consider parking, facilities for staff and for customers also. You may have to also make some amendments to adhere to the current social distancing guidelines.
Once you have found the perfect property, get the help of a local letting agency who specialises in commercial lettings, as they will have the expertise required to be able to advise you and guide you.