How To Choose The Right Business Property
When searching for commercial premises for your business you may want to lease a property, or for many people, buying can sometimes be the better option as it offers more freedom and flexibility. Whether you’re purchasing or renting a commercial property, there are many factors to consider, including where you want your business to be located, and how much money you can bring to the table, so where to begin?
Start With A List
Write a list of what it is you’re looking for in your business premises. Ask yourself how important is the property size, location layout, facilities, structural requirements, and parking? What are your long-term business plans and how these might affect your choice of business premises? For example, will you want to be expanding shortly or you think you will want to you might want to alter the property, then you need to consider this when looking? Search for a commercial property through a local commercial property agent such as McGraw Commercial Properties, or you can visiting potential areas to see commercial properties for sale or rent or search a commercial property finder. You should check any potential premises against your list of requirements to create a shortlist of the business properties you might want to view.
Do Your Research
Once you have a shortlist, it is essential that you look into long-term forecasts for the location that you are viewing property in. For example, is there anything on the horizon or in planning that may help or hinder property values in the future? If your commercial property decreases in value this could also reduce your business capital; time spent on researching the perfect location for your new business base is never time wasted.
Location, Location, Location
Choosing the right place for your business premises can be a bit of a balancing act. You may want to select an area that is convenient for your customers, employees, and suppliers, but is still affordable. When deciding on the location, you might want to consider factors such as footfall, where competitors are located, delivery restrictions, parking restrictions, and business rates. Think about what the premises are for, and ask yourself key questions such as how many staff will it need to fit? Will clients be coming for meetings regularly? Is this a location where you want to bring your clients to? A central location is often desirable to many; however, if you are spending most of your time dealing with clients remotely, an area set outside of town may be a better and more cost-effective option.
Buy Or Rent a Commercial Property?
You also need to decide whether either buying or renting a commercial property is best for you and your business needs. The advantages of renting business premises include less capital is invested than buying, so it can give you the flexibility to relocate if the premises become unsuitable. Benefits of buying business property include the flexibility to manage or repair the building as you choose, the potential profit from selling the building in the future should the value increase.
Legal Considerations for Commercial Property
There are several legal considerations you need to be aware of when choosing business property. These include planning permission, health, safety and fire regulations, insurances, accessibility, and licenses. It is likely that you will need to pay stamp duty if you purchase the property or if you rent a commercial property you will need to comply with the terms of the lease. Make sure that you speak to solicitor whether you’re buying or leasing business premises.