It is an exciting time for any business owner if your business has progressed to such a position that you are able to make the leap and buy some business premises. However, there are certain points that you should keep in mind before taking on an expensive mortgage to ensure that your new premises suit your business and will help to maximize your operations. Read on to discover what to consider when buying business premises.
1. How Will You Use Your New Premises?
Firstly, consider how exactly you are planning on using your new premises, as this decision will impact the type of building you will need to buy. If your business is office-based, there are many great office blocks available for you to hire. Consider what facilities you will need, for example, meeting rooms, an interactive screen for presentations, and a kitchen area for staff. Older office buildings might need updating, so consider how much renovation work you are willing to do. You might, on the other hand, be looking for industrial premises to use as a workshop if your business manufactures products. In this case, consider whether there is enough space to safely operate machinery and whether there is adequate ventilation.
2. How Much Renovation Work Is Required?
Businesses are very individual, and as such, you are likely to have to carry out at least some renovation work on your new business premises to ensure that they fit your requirements. For example, you might decide to install a system of conveyor belting to facilitate a more efficient transportation and distribution system for your warehouse. However, as previously stated, consider how much renovation work you are willing to do; you might think that you are getting a bargain with your new office building, only to discover that you have to spend thousands of dollars on updating and upgrading an old-fashioned building – including, potentially, removing harmful asbestos from the building.
3. Get The Property Surveyed
The property might appear to be an ideal option from the outside, but make sure that you get it surveyed before you make an offer, no matter how it may appear at first glance. A professional surveyor will assess the property and flag up any potential issues, such as whether there is unseen structural damage or harmful asbestos (a carcinogenic material that was once commonly used as insulation in office buildings). Armed with this information, you can decide whether or not you still want to buy the property and take on the additional repairs, and if so, what kind of offer you should make to take into consideration these additional expenses.
4. Consider Transport Options
A property that has good public transport links – such as close proximity to a bus or train station – is a preferable option, as it will be easier for all your employees to access, whether or not they drive. A more remote property will require the addition of a parking area, for the use of both staff and clients.
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