by Lina Martinez
What To Think About When Buying A Commercial Premises
Running a business means having to think about a lot of different things. You have to ensure that your customers – and your potential customers – always see the positives in what you’re doing, and they should certainly be at the front of your mind when you’re making business decisions.
One decision that you might need to make in your business is whether or not to buy premises. Although many – perhaps even most – companies can be run remotely with every employee working from home, others will certainly need a base, whether that’s an office, a warehouse, a factory, or a storefront. If this is something you are going to need and choose to buy rather than rent, here are some considerations to bear in mind.
Extra Costs
Buying any kind of premises is going to be an expensive endeavor, even if it’s precisely the right thing to do, and that means you’ll need to pay attention to your budget. It’s crucial that you work out exactly what you’re going to be able to comfortably spend before you make any kind of commitment to your new office or warehouse.
Yet the costs may not end when you are handed the keys; there could be other things to think about that mean your budget has to be higher or you need to spend less initially. For example, you might need CJJ Services to create a parking lot, or perhaps you’ll need to refurbish the building to make it more secure or more comfortable to work in. Signage is another consideration. Make sure you have all of these costs in your budget so that you don’t overspend or run out of money.
Location
Just because you’ve found a property that is the right size, is within budget, hardly needs any work done to it, and will suit your business as it grows, does not mean it is the right one. That’s because you need to think carefully about the location.
Depending on the type of business you run, you might need members of the public to find your premises and come inside – a store, for example, will need exactly this. So you’ll want to be located in a busy area with plenty of footfall. Even if this is not the type of business you’re running, you will still need to consider the location; will it be easy for deliveries to be made? Will your employees be able to get to work without any issues, and are there public transport links nearby? Location is crucial, and it is certainly something you’ll need to bear in mind when you're looking for a commercial property for sale doncaster, or anywhere else in the world.
Your Down Payment
If you plan to borrow the money you need to buy a property for your business and have a mortgage on it, this can be a great idea. You’ll know just how much you’re spending each month, and you won’t have to spend out a lot of money in advance.
However, you will still have to spend some money, which will be in the form of a down payment or deposit. Most lenders will want to see anything between 10 and 20 percent of the property’s value in a down payment before they lend the rest, so having this money on hand is vital.
In most cases, you won’t be able to take out a loan to pay the deposit, so don’t count on this as a means of getting the property you want.