When you are purchasing commercial real estate for your business, there are a number of things you will want to think about and consider. Failing to take into account considerations early on in the process could be costly. So, before you jump in and purchase a piece of estate that looks too good to be true, take a step back and establish just what you need and why.
Your Business Needs & Requirements
Not all real estate you look at or even consider will be suitable for your business needs. Establishing what your business needs and requirements are, both now and moving forwards, will allow you to find a piece of estate that grows alongside your business. So, just what do you need in your new purchase? Do you need lots of storage for purchases or sales? Do you need lots of space for parking, both for visitors and staff? Or, do you need an open site, which is on one level, and accessible to all. It can take some time to establish your needs and requirements, but in doing so, at the start of your search, you ensure that you purchase the right building or premises for your business.
If you are welcoming visitors to your site, perhaps on a daily basis, then you will want to ensure that the interior of the premises or location reflects your business. Of course, interiors can be changed and altered; even the interior handrails can be adapted or renewed to suit your business needs, but, on the whole, does the interior flow right for your business and its needs? Removing walls, adding partitions, or even reconfiguring whole spaces, costs lots of money, and, realistically, will you have the time and the finances to do major works, especially when you have just purchased the new location in question? Given that interiors can change, though, taking a look at your current building, you might find that it is possible that you can avoid moving all together with just a few changes.
Budget & Operational Costs
How much do you have to spend? Also, how much are you willing to spend on running a new site each year? When you purchase a new place, it can be very easy to get carried away and not even think about the running costs or annual operational costs. Not thinking about the day-to-day expenses may catch up with you further down the line and may see some months be more costly than you can afford them to be. So, when you are viewing real estate, always ask about the extra or even hidden costs. Don’t be afraid to find out what the rates are and just how much you will be paying.
Where do you want your new premises to be located? Are you looking at a cheaper out-of-town location, or are you looking at an easy-to-reach location that is perhaps just on the outskirts? Is the location really that important to your business, especially if you do not have any visitors other than staff? Of course, where real estate is based will have an impact on the costings, so think carefully about where you need, and want your business to be based.