Whether just starting out or they’ve been established for a while, companies must have a good base from which to do business. Where managing directors and business owners locate their organisation and what it looks like is important. From modern, multi-purpose offices to converted warehouses, there are many office spaces out there to choose from.
If you’re looking into investing in business property, either for your own company or to let to other businesses, here are some pointers to ensure it’s a successful venture.
Consider Your Finances
There are various financial implications when investing in a business property. Firstly, how what sort of investment are you going with? Is it direct, so you’re buying all of it or a share? Perhaps you’re going down the direct commercial property funds route as part of a collective, or you want to use indirect property funds.
Also, think of your business rates. These taxes are based on the value of the property, so you will need to take the rates into consideration when buying the property.
Know the Market
Researching the current property market is crucial for getting a good deal. Look at the trends in the area that you’re investing in and check other sales on commercial property nearby to see how much office and retail space is selling for. Timing is everything in this instance and knowing what the good deals are and when to go for them can make a real difference in the long run.
Who Will be There?
It’s important to consider who is going to be working in the building. Will it be your business or are you thinking of leasing? If you want to base your company in the property, have a checklist ready to consider everything from how many electrical sockets there are to what the kitchen facilities are like.
Know What You Want
Do you want to invest in a modern property that has contemporary features or are you happy to invest in an older building that could do with a refurbishment? What you have in mind can impact on your budget and long-term returns, so having a clear idea of what you want before you start your search can help in the long run.
Location is Key
As with any property investment, where the commercial property is located is important. Where it’s situated will dictate how much return you get for your investment. If you’re buying an office for your business in the city centre, where there are good transport connections and plenty of amenities, you’re in a better position than if you’re buying offices in a quiet neighbourhood away from the main stretch.
Have you already seen a property you want to invest in? What steps are you taking to get the best deal?