When selecting the right commercial property, you have to look out for aspects such as the correct location, appearance, size and floor layout.
Rent or buy?
When purchasing your commercial property, it will without question be an expensive option. However, it could possibly be more affordable than renting if you compare the rental period to the money to purchase the property over a long term.
Purchasing will utilize more of your initial working capital leaving less room for stock expenses and other business operations. While renting on the other hand could also be a more expensive option in the long run when considering rental increases. Renting could also be affordable if you’re looking to have your space sooner than later but cannot afford to purchase it.
Is it Suitable for business?
When selecting the property you have to make sure that it will work well for your business. Those with particular retail outlets such as groceries or even a restaurant could prefer being located in more of a busy district where they will get more of a traffic flow of customers.
If it were office space to rent, the building is best located in town or city like areas and in a more attractive environment. This is also dependent on the nature of the business; being close to public transportation is also important to factor in.
You’d have to assess the building to establish what can be done to make it perfect. If the property is a rental, then you have to speak to the owner in regards to this, and if you bought the space it may be costly but you will need the proper people to assist you in the building processes and a certified inspection.
Other factors to consider when choosing the right commercial property are:
- Will you need extra space in future?
- Prioritize the needs of your business over your personal wants
- Get a good commercial estate consultant to help you
Call Jack today for professional assistance with all your commercial property needs and to help you find the best one suited to you and your business.