Owning commercial premises can have significant advantages over leasing for a business as long as owners do their homework.
1. Thoroughly research the area where you plan to buy, checking local infrastructure, services, development plans and business competitors. A commercial finance Broker can advise on funding options
2. Location is all-important. Check transport links and accessibility to the building. Is there enough car parking? Does the business rely on passing trade? For an internet-based business consider an out of town location.
3. Be flexible, since your business can change over time – consider advances in technology. Your premises should allow for expansion, as well as changes in how your business is run, including whether staff working from home is sustainable.
4. A professional survey is essential in order to pick up any defects in the building, e.g. the presence of asbestos. Buying property is a big financial commitment and mistakes can be costly.
5. Budget for refurbishment costs, alterations to layouts, furniture or office equipment. Allow for future repairs to the property.
6. Take advice on how to buy – as an individual, through a company, or with a SIPP. All have different tax consequences.
Just like purchasing your own home, buying commercial property should be done with the head, not the heart. Owners who apply the same considered approach to buying their business premises as they do to running their business will help ensure they make right choices that will help their business succeed in the long term.
Bretherton Law has been serving the people and businesses of Hertfordshire for over 50 years. Our experienced Property team will ensure that whether you are buying or selling, your transaction will run smoothly and efficiently.
Contact Osman Dervish on 01727 869293. You may also like to know that we offer a 30-minute fixed fee telephone consultation to a landlord, tenant, buyer or seller who may need some initial guidance on a particular issue related to commercial property.
