When buying commercial property, the first step is often establishing what the costs will be and laying down a budget for the process. If you do not, you can quickly exceed any potential budget which can then lead to serious repercussions for you both yourself and your business financially.
At the very least, ensure that your deposit and monthly loan repayments are feasible repayments, ensuring that your income exceed the outgoings that a new commercial property would accrue.
Before beginning the process of buying a commercial property it is also important to be aware – and budget – for additional costs. From expert advice from a property agent to VAT and Stamp Duty Land Tax, the final cost is always more than simply the price tag of the property. Moving and setup fees should also be considered when budgeting for purchasing commercial property.
Ongoing costs such as heating, maintenance and even equipment also need to be factored into your budgeting.
