Choosing to buy commercial property in the UK is a big decision; Here are some helpful tips to make sure you don’t make a costly mistake.
1. Choose Specialized Commercial Real Estate Agents
Anyone serious about buying commercial real estate in the UK should ensure that they choose a specialist estate agent. It is not advisable to go to agents who are one-stop shops for real estate, selling residential, commercial and even international properties. You’ll get a much better level of service and wealth of experience from a long-established real estate agent who specializes solely in offering commercial properties for purchase.
2. How many commercial property listings are there in your part of the UK?
Do your research; find out which are the best locations to buy commercial property. You will often find that certain areas will have a high density of commercial real estate for sale, beware of those pockets unless you find yourself buying a ticket aboard a sinking ship. Although it can sometimes cost you more money, make it your mission to find an area where companies like yours have a proven track record of success.
3. Always do a thorough inspection before buying commercial real estate
To make sure you don’t make a mistake in your commercial real estate deals, you need to make sure you do a thorough inspection of the office for sale or lease. Many people feel that a thorough inspection is not necessary as they will not be living there, this could not be further from the truth as it is an inspection of commercial premises that is just as prudent to thoroughly examine as a residential property.
4. Are you purchasing commercial property in a rural or urban setting?
The type of development you are buying commercial real estate in is very important, for example if you are in a rural setting you will be looking for very different characteristics than a storage home for sale in an urban setting. Another thing to consider if you are in a rural setting is cost, you can expect to pay much less for being in a less developed area, but if you are in a more developed district, especially a retail store for sale or lease within the city you can expect to pay a premium.
5. Will you buy this commercial property to rent?
It is also important to consider whether you are buying commercial property in the UK for your company to move into, or renting to someone else. If your goal is to own commercial rental property, then don’t get hung up on what you’d like to see when buying commercial real estate, rather find out what the widest possible market is looking for in a commercial rental property and purchase something that fits. that description.
