Buying commercial property is a culmination of months of hard work and dedication to get your business off the ground. It can be easy to rush into buying the first property you see that fits your brief, however, there are several factors to consider when you buy commercial premises. If you’re unsure as to what you need to look out for, follow this quick and easy guide to buying commercial property:
Decide on Where in the World
Arguably the most important factor to consider when you’re investing in commercial property is the location. Without a doubt, city prices will be higher than in suburban areas, but is your business still likely to excel if it’s tucked away in the countryside? Well, it truly depends on the nature of the company. Many companies aim to move to cities because of the guaranteed transport links and lifestyle, plus there’s the benefit of having a city postcode. However, areas away from the city can be significantly cheaper, so it’s important to analyse which could work best for your business overall.
Will There be Passing Trade?
In the same way that you need to consider the geographical location of your commercial property, you also need to consider where it stands locally. Consistent levels of passing trade can have a significant impact on the success of your business. Thoroughly research the area and take into account how many people live there, and how many are likely to visit your business based on other competitors in the area.
To Lease or Buy?
Though this is a guide to buying commercial property, there’s no reason why you should rule out leasing the property once you’ve brought it. For newer businesses, it can be beneficial to start out renting the property on a short-term basis, even for a year or two. That way, you’ll have an established base ready for expansion into the future. Working with property management Manchester based companies will ensure your property is well looked after.
Find Your Competitors
Who are your competitors and where are they based? This will have a huge impact on the location that you choose. Some businesses may actually benefit from being in close proximity to others, as this can encourage healthy competition. On the other hand, too many similar businesses in the same area could have a damaging impact on profits if you need to keep slicing prices.
Research Building Restrictions
You may find your dream property and eagerly rush to put down a deposit, only to find out that the building has got strict building regulations. This means that some buildings are only designed for specific use. Such restrictions are often the case when it comes to older, protected buildings but it’s also common for newer builds. Make sure you check to see whether there are options to build further, to fulfil plans for the future that will fit in with the building’s regulations. Get in touch with chartered surveyors Manchester who will be able to asses the building.