What to consider...

BUYING COMMERCIAL PROPERTY

If you are looking at buying commercial property, for the use of your own business or to let, then our team of dedicated property agents can guide you through the process. From the outset of the search, narrowing the choice, decisions and final negotiations, we can provide advice and monitor the process to ensure a fully successful purchase.

With specialist Agents and Chartered Surveyors focused across a number of departments including Business Rates, Building Consultancy, Lease Advisory, Land & Development, Capital Allowances, Valuations and Commercial Property Management, Roger Hannah & Co is in the best position to advise you comprehensively on purchasing commercial property.

We are specialists in helping you to navigate a purchase whether it is in relation to leisure, retail, industrial or office properties.

Costs

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.

FINDING A PROPERTY

Location, market and timing; are the three factors that most affect the process of purchasing commercial property. As diverse as the market is – with properties ranging from offices, retail, industrial, all the way to leisure facilities – there is a lot of choice when it comes buying commercial property. So, finding the right property can be a lengthy process.

Buying a commercial property that has a prime location during a market high can lead to great expense. Often this means playing the waiting game, trying to balance the three factors of property purchase to your advantage.

Keeping an eye on local trends is often the best way to determine this. However, if you are unsure then it is best to seek the advice of an experienced property agent. At Roger Hannah & Co our expert team can assess your needs as a business, the state of the market and help to find a property that matches your situation.

Purchase

The final, inevitable, stage of purchasing commercial property is the purchase process itself. This begins once you hand a written offer to a vendor’s commercial estate agent, which may initially be refused. However, it is always worth negotiating as the vendor may be willing to accept an offer after some discussion.

Money is not the only factor that may affect a vendor’s decision. The speed that you are able to complete the purchase may also be an important factor, so establishing your ability to make a fast purchase may give your purchase a more attractive edge.

Once an offer is accepted, you must consult with your solicitor in order to negotiate the final details of the purchase contract. A survey of the property will need to take place to ensure the structure is sound and there are no major flaws to the property. As soon as this process is complete you will own your own commercial property.