You’ve done the research on renting versus buying commercial property, and you’ve chosen the latter route. Now it’s on to the exciting part – searching for that perfect property.
While it’s unlikely you’ll find a property that fits your specifications perfectly, factors such as the layout of the space, storage options available, and cost of repairs and renovations should be taken into consideration before putting in an offer.
If repairs and renovations is a factor that needs to be planned, look for suppliers that can save you money on parts, especially on popular items.
Space layout
To properly perform business functions, the layout of the space must fit your needs. Maybe you need office space for staff in addition to retail space for customers. You may also need private offices and a large collaborative space for teamwork-based projects.
While you may be able to knock down or add walls to accommodate your needs, this may not always be possible. Some walls are required for structural integrity, meaning they have to stay.
Before going out to view property, browse and read up on office setup tips to build a comprehensive layout plan. This research will give you the tools you need to quickly determine whether a space is workable or not.
Storage options
While all businesses require storage facilities, some need more than others. If you run a retail business and need to keep stock on the premises, you’ll need to find a space that accommodates this.
Don’t forget about your goals for growth. You’ll want to look for property that can accommodate the stock you currently have, plus more. If your storage space isn’t equipped to handle growth, you’ll be selling and moving to a new property within the next five years.
Alternatively, you may have plans in place to work with a third-party manufacturer and shipping company that will be in charge of the product for you. In this case, you may not need a lot of storage space in the commercial property you intend to purchase.
Cost of repairs
One of the best things about buying commercial property as opposed to renting it is that you can customize it in any way you want. For instance, you may wish to install an aluminium checker plate from chequerplatedirect.co.uk to enhance durability in high-traffic areas, protecting against the effects of daily wear and tear and minimizing maintenance requirements.
If you’re going for a more modern look, hire a commercial door contractor to make the facade of your customer-facing business stand out. Filling in dents and changing the paint color won’t cost you much, but if you see issues with the foundation and find evidence of mold, this will cost you a small fortune to fix.
Properties that require large-scale repairs simply aren’t worth it – even if you use these to negotiate the price down. This is because not only do they have a high out-of-pocket cost, but the time required to conduct these repairs means more time until you can move your business into the property. The loss of profits in this situation can be staggering.
The bottom line
At the end of the day, the property you choose has to fit the unique needs of your company. If you’ve never purchased commercial property before, it’s a good idea to speak to a realtor and financial advisor.
If the right property doesn’t come up quickly, consider renting commercial property in the short term. With enough patience, the right property will show up in no time.