Although some companies looking for business premises prefer to rent, the best choice may often be buying, which will provide more independence and versatility, which is necessary for an increasing business and investment. For small and medium-sized companies seeking to grow, the acquisition of commercial property is a sensible choice. It is not simple, however. It may take a large investment, both in time and in capital.
When purchasing a commercial property, there are a range of things to discuss, such as where you want your company to be situated, and how much money you can bring to the table. It is necessary, therefore, to do your research. Here are the things you need to remember when investing in a business premises.
Location
When purchasing commercial property, location is very important – just as important as when buying your own house. Make informed decisions about what you’re going to use the premises for, and ask yourself important questions, like:
- How many workers do you need to think about?
- Will clients regularly come for meetings?
- Is the location conveniently accessible?
For the most part, because of convenient transport connections, a central location is desirable. However, if you spend much of your time communicating remotely with customers, a location set outside of the city could be a better choice, and much more cost-effective.
Safety
Is the area you’re viewing as a potential business premises safe in both terms of crime statistics and the age of the building? An older building is more prone to damage, and therefore may cause problems in the future not just financially, but also safety wise too. While it’s hard to predict these things happening, you can protect yourself with public liability insurance. Speak to some providers and get a quote to cover your back. In the meantime, look for issues with your desired properties that you could resolve immediately.
Parking available
If customers visit you in the store, you’ll need to think about how easily accessible your business premises are. For example, if your store is now situated on a main road with no public footpaths, then you could run into some issues with actually getting people to visit you. You should also think about nearby parking, and whether it’s worth the investment to buy land around the premises to install a car park. Not only will this be convenient for your clients to visit you, but your staff can safely park their car nearby and not have to worry about it.
Flexibility
Finally, when viewing commercial property, it is important to look for versatile premises. When you are using the premises, it is likely that your company will grow and evolve, so it is important to find premises that can be changed over the years to accommodate your business. Depending on the type of commercial property, however, this could be limited. Read through the property deeds before buying commercial property to find out if there are any limits on improvements to the property. You may not be able to modify the usage class in some situations, and in some cases, it may only be temporary.
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