Buying Commercial Property

If you are intending to buy your business property, you should consider ...

• What is it that your business really does?
• Do you know what your business will look like in three, five and ten years’ time?
• Where are your customers/staff/suppliers located?
• Why are you moving premises?
• How much can you afford to spend on your property – both in terms of the purchase price and the cost of any alterations?

The toughest question here is what is best for the business.

If you are considering buying, you should
consider:

Financial

The most obvious financial arrangement is the loan and your relationship with the commercial mortgagee. They have loan underwriting criteria, which are not the same as, but not dissimilar to, the considerations of a commercial landlord. Key on their list, of course, is your ability to pay!

Regulatory

As well as the workplace regulations, you will need to comply with as an employer, there are a range of other liabilities that you take on as a building occupier and still more as an owner.

Practical

As you are ultimately responsible for the building, you have to think about the immediate issues, such as the effect that surrounding businesses have on your property.

Long term

When a business has to move out, the building may need to meet the needs of another, different business. What alterations and costs may be involved in making that transition? How do you want to prepare for that and put the cost onto the occupiers?

At Culverwell Consulting, we can help you to decide the best way forward at this critical juncture for your business.

Read about buying a building for your company.