Location, location, location
You’ve heard it all before, but it really is true. Consider location as much for a commercial property as you would for buying a new home. Will clients or the public need to easily reach the location? What about access for staff? Town centre locations suit a more local business, whereas an out of town location will suit remote visitors better.
Head, not heart
It is wise to invest in property if your business is solid and likely to grow. Renting is probably a safer option for start-ups, for example. This is where a wise business head is required and not to be led by emotion.
Ideally, a flexible property is the best. One that can be adapted for future expansion.
A full survey is always recommended before buying any property. Invest in the extra surveys, not just the basic one carried out by a mortgage lender. These will reveal any hidden issues before you sign the dotted line.
There are many additional costs involved so be sure to budget for them all. There will undoubtedly be on going maintenance costs when owning a commercial property, so complete a comprehensive budget. Find out about the possibility of a SDLT Refund at a site like Sentient, providers of SDLT Refund services.
Keeping the option for sub letting can be a great idea for guaranteeing a cash flow in challenging times. This must be approved by your mortgage lender so be sure to check that sub-letting is permitted.
Think about current prices and also the longer-term predictions for the area. Take you time with this as a fall in the value of your property will affect your business capital.