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Many small businesses start out operating out of the owner’s home, or at most from a rented office. There are few people who can afford to buy business premises as soon as they’ve launched. But at a certain point in your business’s growth, you might decide that it’s time for your company to have a more permanent base. Purchasing your own property gives you more security, more flexibility over managing the building and the chance to profit from selling or renting the space. Although there can also be disadvantages to buying business premises, the advantages are worth considering. If you’ve decided it’s time to move your firm into a permanent location, use this guide to get started.
Consider the Costs
Buying property is never something to take lightly because there are always significant costs involved. As well as the price of the actual space or building that you buy, there are associated costs that you might forget about. Just looking for somewhere suitable can cost you time and money, and the process of buying will incur added expenses too. You need to think about hiring someone to survey the property, as well as using a lawyer to negotiate the contract. Not only that, but when you’re moving a business, you have to think about any time that you might lose getting everyone settled in the new premises.
Looking for a Property
If you’ve worked out that you can afford to buy, your next step is to start looking. You should already have some idea of your requirements, based on the place that you’re currently renting. But when you’re moving into somewhere new, you can take the opportunity to look for features that you weren’t able to find before. If you find a property that you like the look of then it’s important that you get a commercial building condition survey to make sure it is structurally sound and doesn’t require any major renovations. You don’t want to spend money on a property and then discover you need to spend more on repairs. When looking for a property, it’s a good start to make a list of the things that you need in order for your company to operate smoothly. Working with an estate agent will help you find somewhere that’s perfect for you.
Negotiating a Sale
When you’ve found somewhere that you think could be the perfect new home for your enterprise, you can put an offer on it. Your offer may include certain conditions, such as passing a survey that confirms its sound structure. If your offer is accepted and you begin working on a contract with the seller, you’ll need to use a lawyer to help. If you choose one who has experience with commercial property, such as Wilson Browne Solicitors, you know that they will be in the best position to help you. Your lawyer will assist in negotiating the terms of the contract and making sure there are no problems with the property.
Moving In
After everything is complete, the contract is finalized, and it’s time to move, you need to plan carefully. Moving from one place to another could cost you valuable time, and you want to minimize how long your staff need to stop working. You might consider hiring a temporary office space if the rental contract on your old premises finishes before you can move in. You can make moving a gradual process, with limited impact on your business.
Purchasing commercial property isn’t for everyone, but for some it makes better financial sense. If you decide it’s right for your company, make sure you take your time with the process.