5 Things you Need to Know Before Buying a Commercial Property
Regardless of whether you’re a landlord with a portfolio of commercial units, a business owner looking to buy or relocate, or a developer looking to acquire a site, there are a few things you need to know before making the commitment to buy a commercial property.
1. Do your Research
The only way to really know whether you truly are getting a good deal is to get to know the commercial property market in the area for comparison. Failing to find out what the local commercial property vacancy rates are, the average rents, flood areas, or local regulations, could be a costly mistake when you are purchasing a commercial property. Doing adequate research is always a sensible idea.
2. Consider Location
Finding the great location isn’t to be underestimated when it comes to buying a commercial property. Think about what you will be using the premises for and ask yourself important questions about what you actually need from the property. Is there enough space for the staff? Will clients be coming for meetings, and if so, is the property somewhere you would be happy bringing customers to? A central location is often more desirable, but if you’re used to online meetings and phone calls since the pandemic, a location further afield may be a more cost-effective option.
3. Know the Property Type
Every commercial property has a ‘planning use class’ which effectively sets out which type of business can operate from the property. Planning use classes include shops and retail outlets, food and drink establishments, business offices, and many more, so it’s imperative that this is established before you go any further. You’ll need to make sure that the commercial property can operate under the appropriate planning use class for your business and if it isn’t currently classified, you’ll need to check that you can legally adapt it.
4. Get a Survey
It’s really important to get a full professional survey on any commercial property before you buy it. Buildings that are in a poor state of repair or have problems with services, such as boilers/lifts/plumbing etc., could result in huge bills that will ultimately make the property a poor choice and a bad investment. It’s also important to ensure that the premises complies with building regulations and any other national or local regulations.
5. Consult Experts in Commercial Property Services
As experts in property law, RDC Solicitors always advise consulting professionals. There’s no doubt that commercial property transactions can be complex, but they don’t have to be stressful. Here at RDC Solicitors, we offer a personalised, professional and proactive approach from a property team that is fully committed to ensuring that you receive a first-class service for every aspect of your transaction.
Our helpful and experienced team are available to assist with any questions you may have, to conduct searches, or to check lease agreements. Simply give us a call on Bradford 01274 735511, Ilkley 01943 601173 or Bingley 01274 723858, and we will arrange a convenient time to discuss your requirements.
