Eight things to consider when buying commercial property
While many businesses choose to lease their office space, buying outright is usually a much better option for growing firms, offering controlled payments and greater freedom.So, whether youíve used lockdown as a time to plan and prepare for a leap onto the ladder, or youíre looking for a change of scenery after working from home, weíve rounded up eight things you should consider when purchasing commercial property.1. Location, location, locationYou wouldnít purchase your own home without paying much attention to the location, right? So, you should follow the same principle when viewing commercial property.Will you be holding regular meetings with clients on the premises? Then a spot in the town centre with plenty of parking might suit you best. However, if most of your dealings are done remotely, an out-of-town location may be a more cost-effective solution. 2. Think about parkingAs with the above, itís important to keep the needs of your team members and clients in mind when searching for that perfect space. On-site parking may not be a deal-breaker, but if there isnít much in the way of public transport around the area, visitors will need somewhere safe and cost-effective to leave their vehicles.3. Flexibility is keyIf all goes well, your business is likely to expand and change during the time you own the property. Unless you plan on moving every time you grow, youíll need to look for flexible commercial premises that can adapt with you. 4. Do your researchTime spent researching is never time wasted when it comes to commercial property. Look into property trends in the area, anything that could hinder your future plans, or anything that could devalue your property in the future. Itís crucial to know all you can about the property and area before diving in. 5. Can you let your space?While itís important to buy a property that your firm can grow into, you also donít want to be paying for space you donít use. The solution? Letting any extra offices or breakout rooms on a short-term basis will keep your costs low and your property full.However, youíll need to check this is allowed under your mortgage agreement. 6. Donít skimp on the surveyWhile a basic survey will give you some insight, itís recommended to have a full survey carried out on the premises before signing on the dotted line. A more in-depth check give you specific details on any snags or issues, allowing you to move ahead with the purchase with confidence. 7. Think about the money you need right nowÖUnlike a residential property, youíll need to put down a large deposit Ė often 40-50 per cent or more of the value of the premises. When budgeting for the months ahead, be sure to factor not only this, but also hidden costs such as solicitorsí fees and surveys into your plans before approaching a lender.8. ÖAnd in the futureLenders may ask to see a detailed business plan before approving your mortgage, but even if they donít, itís important to plan in advance when it comes to money matters. As the owner of the commercial property, you may be responsible for any maintenance issues, ongoing costs and long-term upkeep. Try and budget ahead to avoid nasty surprises later down the line.If youíre considering purchasing commercial property and need advice or guidance, our team are here to help. Get in touch on 01642 607607 or firstname.lastname@example.org.