There are a lot of reasons why you might be looking to buy a commercial property. Perhaps you’ve recently started your own business and you’re looking for a hub for you and your new employees. Or perhaps you have outgrown your current business space and need a larger one more suitable to the current status of your company. Whatever your reason for shopping for commercial premises, you need to make sure you find the right one for your business.
So here are the main aspects you’ll need to consider when looking for your next commercial property.
Firstly, you’ll need to find a commercial property that suits the size of your business. Is there enough room for you and your employees to move around and work comfortably without it feeling cramped? Consider the equipment and furniture you’ll be bringing to the space.
And remember, commercial leases are typically longer than residential ones, meaning you need to find a space which not only suits your business now, but will also suit you for months or even years to come. Just because you fall in love with a space now, doesn’t mean it’s going to be the most practical option when your business starts to grow.
It’s equally important to consider how you and your employees are going to get to work everyday without hassle, which means you’ll need to find a commercial space with the necessary transport links.
The means access to parking and main roads, but also public transport. An increasing number of people (especially in city environments) are choosing to get to work by bus or train, so you should try to make sure your new commercial property is an easy walking distance from the nearest bus stops and train stations.
Before agreeing a commercial property, do your research and investigate to see what kinds of businesses you’ll be sharing your street, office or building with. Surrounding yourself with relevant and friendly businesses can not only make work a more pleasant experience but can also improve your customer base and network connections. If you’ve got people in the same market in your workspace, you can feed off each other and synergise, often leading to great results in terms of business success. There’s also the simple matter of making sure your neighbours aren’t going to be disruptive. Are they noisy or quiet? Messy or tidy?
The necessary means
If you’re a business with big electrical requirements, you’ll need to accommodate this into your search. Even making sure of simple aspects like whether there are enough sockets can make a huge difference and help you avoid unnecessary headaches come moving day.
You’ll also need to make sure your space has the capacity to get connected. Internet speeds and accessibility vary hugely depending on location, so again you’ll need to do your research and work out whether your desired property can gain access to the fast connectivity your business needs.
Of course, a huge factor to consider when shopping for a commercial property is affordability. Not only is there the actual cost of the property itself, but you’ll also need to be aware of other potential costs like utilities, repairs for essential things like the Commercial doors, legal fees and insurance. It’s vital that you budget your purchase carefully and know exactly what you can afford to spend.
Options like commercial bridging loans can help you plug the gap between selling a property and purchasing new premises. Lenders like Glenhawk provide fast and flexible loans for this type of situation.