Are you thinking of buying your first business property? It’s a big move but one that’s definitely worth it to take your company to the next level. Whether you’re looking at it being just an office for yourself or for you and a growing team, there are a few things worth considering as you go into this business investment. Here are some tips for buying your first business property.
Know Your Budget
The budget is where you first need to start your journey when buying a business property. Depending on the current situation of your company, how much can you afford to spend? Not every business will be able to purchase their ideal location the first time around, and some might find it more affordable to rent or lease the property first. A shop for rent is going to be much more affordable than buying it outright. Whatever your decision is, your budget should always be factored into the decision. Remember, it’s not just the purchase or money that you pay for the property, but also you have moving costs to consider and additional purchases that you may want to get for when you have new staff or even the existing ones now. As this is your first office, you’re unlikely to have any office furniture currently. So pop this all into a budget sheet and take this with you when you start looking, and you’re approaching commercial property agents.
Look At The Current Property Market
The property market is one area that you need to be exploring now to ensure that this is the right time to be buying a property. You can get an idea of what’s currently being sold or bought and whether it’s a buyer’s or seller’s market. There might not be much on the market or anything that suits your needs, so there is no point in seeing places that don’t match your criteria. Take a look at the market yourself but then approach some agents to find out what they have and what might be coming up soon. They could well have a property that they’ve not yet put up on their website or are in the process of dealing with the seller to become responsible for the sale. Some agents might ask you to come back a few months later, or perhaps you’ve made a conscious decision to leave it until it picks back up. Unless there’s a rush to find somewhere, you want to take this process with some caution.
What Are Your Requirements?
What do you want from the workspace, and what does the business need? Perhaps it’s merely a small space for a handful of people, and therefore, a floor in a shared building might suffice. Or maybe you have quite a big company or plans to bring in remote staff to work in one place. With that said, it might be a whole building that you require. What type of security would you like upon entrance, and do you need any specifics in terms of decor and design? There’s a lot to think about and a lot to consider, all of which need doing before you start approaching agents and seeing properties. You want to have a checklist of requirements on you, and on each visit, you can compare how many of your requests appear on the property.
Think About Your Staff If You Have Any
When it comes to your staff, you want to be considering their needs and requirements if you have any. You may just be a one-person band at the moment, but if you have a handful of staff that you require to come into the workplace, then it needs to be a commutable distance from their home. If it’s a costly expense, then you may need to consider pay rises, and if they just can’t travel, then you may need to look for new staff members. This might have to be a moment where you have to make decisions for the benefit of your company. For it to move forward, there may need to be some changes, and if you want a business space to work, that means checking in with your staff. Consider the type of layout you’re looking for and how you want your business to look.
Remember Curb Appearance Is Important
The appearance on the outside of your business is really crucial because it’s the first thing that staff, clients, and new guests will see when they approach the building. So curb appeal is very important to get right, and that’s good to look at when visiting properties. Where is it positioned, and how much space do you have to play with on the outside? Think about visibility and how easily it stands out from the crowd. These are all very good factors to consider, and curb appearance is definitely one that can determine whether you end up going for the property or not. There are always ways to improve curb appeal, but it’s about whether you’re able to provide that or not immediately or whether that will be something you can only do further down the line.
How Easy Is It To Get To?
And finally, you want to consider the location of your business. How easy is it to get to? If you’re expecting a lot of regular guests and client visits, then it needs to be within a reasonable distance and not in the middle of nowhere. If it’s the latter, then you may have some issues when it comes to building those connections for your company. Factor in the location for the purchase of your business property and make sure it works for everyone, whether that’s staff member or client.
Buying your first business property is a challenge but also a wonderful adventure and the next chapter for your company. Be prepared with a budget and your list of requirements. Don’t rush the process and ensure you’ve got the best deal before signing on the dotted line. Think about your staff and what they need and how easy it is to get to.
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