6 things to consider before buying a commercial property
Choosing to buy commercial property in the UK is a big decision; Here are some helpful tips to make sure you don’t make costly mistakes.
1. Choose specialized commercial real estate agents
Anyone seriously willing to buy commercial real estate in the UK should make sure that a specialist real estate agent is chosen. It is not advisable to go to agents who are one-stop shops for real estate, who sell residential, commercial and even international properties. You’ll get a much better level of service and a wealth of experience from a long-established realtor who specializes solely in offering commercial properties to buy.
2. How many commercial property listings are there in your part of the UK?
Do your research; find out the best locations to buy commercial properties. Often times, you will find that certain areas will have a high density of commercial real estate for sale – watch out for those pockets so you don’t find yourself buying a ticket aboard a sinking ship. Although it can cost you more money at times, make it your mission to find an area where companies like yours have a proven track record of success.
3. Always do a thorough inspection before purchasing a commercial property
To make sure you don’t make a mistake in your commercial real estate deals, you should be sure to do a thorough inspection of the office for sale or lease. Many people feel that a thorough inspection is not necessary as they will not be living there, this could not be further from the truth as this is a business premises inspection that is as careful to examine thoroughly as a residential property. .
4. Are you buying commercial property in a rural or urban setting?
The type of development in which you are buying a commercial property is very important, for example if you are in a rural setting then you will be looking for very different characteristics than if you were looking for a winery for sale in an urban setting. Another thing to consider if you are in a rural setting is cost, you can expect to pay much less for being in a less developed area, but if you are in a more developed district, especially a retail store for sale or lease within the city . center can expect to pay a premium.
5. Will you buy this commercial property to rent?
It is also important to consider whether you are buying commercial property in the UK for your business to move in or renting to someone else. If your goal is to own commercial property for rent, don’t get obsessed with what you would like to see when buying commercial property, instead figuring out what the widest possible market in commercial property for rent is looking for and acquire something that fits that description.