Thinking of adding a commercial property to your portfolio? Here are some of the things you should consider before making an offer.
Choosing to buy retail space, whether it is to be let out by you or to be used in your own business, can be risky if you don’t entirely know what you are doing. Here are some of the things which you need to know about if you are considering buying commercial property in 2019.
Find the Right Solicitor
If you are thinking about starting a property portfolio, you should search for a firm of commercial property solicitors to help you out. They will be the legal experts you need to find the perfect property. With the help of the right firm, you may even find legal advice for a whole range of different topics. You could find people willing to help with commercial taxation or even acquiring any permits or licenses your commercial space needs. Building a legal team who can help you out with all your legal needs from within the same firm will prove invaluable, as you know that all your concerns can be handled internally by a group of colleagues.
Is It in a Good Location?
Location is everything for a business. Is it located on a high street or in some other commercial zone? You can guess that this will get it the traffic it needs to support a business. Buying a commercial property which is a little out the way can be risky, unless you plan to open a business which would suit this type of location. Finally, you should always take a look at the building’s access. What are the streets around the property like, and is there good access to major roads? These are all questions you need to ask.
Look at the Building’s Amenities
When you have a property in mind, you should take a look at what else you can get with it. Does it have a designated parking area your customers can use? If it is part of a wider retail complex, what benefits do you get as an owner? You should also check out whether or not the property has any licenses or permits and whether you need to apply for them. For example, a cafe might need a certification of hygiene from the local council before they are able to open for business.
How Much Renovation Does It Need?
Obviously, either you or your tenant will renovate the property to best suit the business going in there. However, you should make sure that all the basic amenities are in place before the renovation begins. If it is an older business you have purchased, how safe is the wiring? When was the last time that a complete refit took place? These are the questions you need answers to before you commit to buying a property for commercial purposes. If it does not match the local building regulations then you will need to fix this before you allow a business to occupy the space.
Follow these tips and it won’t be long before you have found the perfect business to add to your property portfolio!