Whether you are starting a new business, or expanding your business into a new office space, there are a plethora of important things you should consider before signing any contracts. Investing in commercial property for your business is a huge undertaking and one that you shouldn’t take lightly. To ensure you make the right decision, here are some of the most crucial things you should consider before investing.
#1 Do you have the right investment?
Do you have the budget to invest in a commercial space for your business? Not only do you need to consider the costs of leasing or purchasing the commercial space, but you also need to consider the costs of upgrading the space to suit your business needs, as well as the ongoing costs to keep it up and running. If the space needs renovations, you will need to consider the additional costs and support that you are going to need, such as an interior designer, a commercial electrician, and much more.
Review your finances and make sure you are not going to negatively impact your business by investing in commercial property, and ensure you can stay afloat for the foreseeable future. Even if you are leasing the property, you will still be tied into a contract for a long time, as they tend to be longer than residential properties.
#2 It is fit for purpose?
When looking for the right commercial property, you should ensure that it is fit for its purpose. Find out from the realtor agents what the purpose of the building is for, for example, is it currently used for industrial work, an office space, or retail? If the purpose does not fit your business and you are going to be using it for something else, you may need the correct permits and planning permission. This may be costly and time-consuming so it is important to factor that into your decision.
#3 Is this a short term or a long term investment?
Commercial property is a large investment to make, so you want to ensure that it fits the current needs of your business, as well as your future aspirations. Are you going to be growing your business shortly, and therefore, require additional space? If so, you should consider the cost implications, and the disruptions to your business if you have to move to a different space in a few years.
#4 Is the space accessible?
Regardless of what industry you work in, you should ensure the commercial space is accessible. Consider who will be attending the space, when they will be attending it, and what the space is going to be used for. You may need to consider the location, the parking and the proximity to public transport. You should consider the needs of your business, your employees, and your customers to make sure you don’t invest in a space that will leave you at a disadvantage.
Make sure you consider these important factors when investing in commercial property for your business.
