Buying work premises is one of the most exciting things that you can do in business. For a startup, it makes the whole process seem real. For an established SME that has been renting, it signals that you are beginning a new and exciting chapter.
Before committing to purchasing a workplace, though, it’s imperative that you are 100% confident with the decision. Here are some simple questions that will lead you to the right choice.
Is it the right location?
Before thinking about whether it is the right building and layout, you must consider the geographic location. When it’s an office space, a prestigious location can work wonders for your first impressions. When it’s a store, you need to think about foot traffic. There’s no point in having a cheap shop that’s miles away from anything else. Of course, factories and warehouses will benefit from having good access to motorways or A roads.
Do I have the funds?
Before making any major business investment, you must ensure that the financial elements are right. Knowing your capital levels is key. As well as the purchase cost, you’ll need to consider operational costs, especially if upsizing. Insurance and renovation works should be taken into account. Only then can you make a calculated choice as to whether it is the right option. It’s better to miss out on an opportunity than take on something that will lead you to disaster.
Am I permitted to use it as intended?
When buying a commercial property, you may face a few issues that you wouldn’t when buying a home. This is especially true when it’s a part of a bigger complex. Office blocks and stores within shopping centres are good examples. Even if buying a standalone unit, you need to know exactly what you are purchasing and what you’re allowed to do. Conveyancing solicitors will make the process clearer and smoother. It also helps you move in quicker.
Is it the right size?
Buying a commercial property that isn’t big enough to satisfy your mid-term needs is a big problem. However, taking on a commitment that doesn’t offer value is equally problematic. Finding the right balance between immediate limitations and future aspirations is vital. The fact is that you can always make it a coworking space if it’s a little big for the immediate future. Likewise, you can turn to outsourcing to fill voids if it’s too small for expansions.
What condition is it in?
If you are opening the business in a few months, you can probably develop a poorer property. If wanting to trade right away, though, you must ensure that the condition meets your needs. The condition of the property needs to be analysed by a property surveyor. This ensures that you will be able to get trading right away, after making the aesthetic changes you require to meet the brand. Any faults can help you negotiate on the price.
Given that it is one of the most important decisions you’ll make in business, asking the above questions is key. Those answers will help you make the right choice before purchasing a workplace.