Buying Commercial Property
Buying Commercial Property
Although many businesses start without an official premises, albeit from home, or a converted studio or garage, for most successful businesses there will come a time when these are silly no longer suitable. Once the business begins to expand, there are legal ramifications to the suitability environment you must provide for staff, and if you are selling or storing products, space can also become an issue.
You may in fact decide to rent a property. This will give you a landlord, in the same fashion as private rental, absolving you from the cost of repairs and maintenance, and also means you can look at shared premises or serviced offices.
If, on the other hand you decide to buy, there are issues to consider. Although you are buying a property like any other, this is a different process and requires careful planning. If you do decide to buy, there are many benefits:
Freedom from the worry of increased rents
The ability to make changes (according to permissions)
Possible subletting income
Fixed mortgage payments (subject to lender)
The main considerations are:
Location
This is a key point. You need to be close to your potential customers, in a good position for commuting staff
Type of building
Consider exactly what type of building you need, how it will be used, and how much space you need both now and in the future
Cost
Do your research so you understand the local market, and talk to your finance options to find out what they are willing to lend and what their criteria for lending will be. Commercial mortgages tend towards a large percentage deposit, so make sure you are prepared
There are some very reputable commercial property agents locally who will be happy to advise you on the available properties, best forms of finance and will give you a good idea of the local market. They should also be able to recommend professionals for surveying and conveyancing, all of which can be more convoluted than in the domestic market. If you are borrowing, your lender will likely arrange much of this for you, but ensure it is done properly as the legal ramifications involved in commercial premises can be much further reaching.
Once you have bought your perfect work space, it is time to move in. It is worth talking to experienced shop and office fitters, who will be able to give you advice on design and layout and will likely be experienced in making the most of the space available to you. Ditto with furniture and office suppliers, so shop around and see what’s out there.
Commercial Offices, Property, Estate Agents and Maintenance Services click here for a full list.
Office Equipment, Fitters, Fixtures, Stationery and Supplies click here for a full list.
