Five questions to ask yourself before purchasing commercial property

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Question

If you are buying commercial property, there are a few questions you need to ask yourself before making a purchase decision. Here are five of the biggest:

1. Why buy the commercial property?

The first question is to ask yourself why you want to buy property. Is it premises to run your business from, an investment to rent out, or an investment to sell later for a profit?

2. What type of property do you need?

It is unlikely you will find your perfect property, so you need a minimum set of factors such as location, size and property type. Your company may have an image or brand identity, and this can influence the type of building you want to base your company in. Any building that does not satisfy these minimum requirements should not be purchased.

3. What is your budget?

You will need a budget for the property. This should be enough to purchase a building that meets all your minimum requirements.

4. How will you pay for the property?

You need to plan your finances so that you can afford to purchase the property. Talk to a commercial mortgage broker about your options.

5. Is the timing right?

If you are leaving an existing rented building, you need to carefully plan the timing of the move to the new building so that you do not have to pay too much rent before you move.

By answering these questions, you are more likely to make the right commercial property buying decision.

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