Helpful Tips For Buying or Leasing A Commercial Property
If you have never purchased or leased a commercial property before then it goes without saying that you may feel slightly out of your depth when even just browsing the market. There is no denying that investing in a commercial property is completely different from buying your first home and there will be lots of new things to consider.
No matter whether you’re buying or renting an office space, a restaurant, a retail store or even a warehouse, choosing the right property is critical to the success of your business and it isn’t something you want to get wrong. To help anyone who is currently browsing the market for their first commercial property, our team here at Property Locator have put together a list of helpful tips that can make the process slightly easier.
Navigating the market of commercial properties can be quite confusing, especially if you’re not really sure what you’re looking for. Take some time to consider your budget and current and future requirements especially now that the market has changed considerably since the Covid -19 pandemic. Some sectors have changed more than others and now is the time to tread carefully with the help of proper professional advice.
Think about everything from purpose and location through to size and budget. Once you have a clear idea of what you’re looking for, you can immediately rule out lots of potential options. It is the best way to ensure that you’re not wasting your time looking at ill-suited properties.
Use a Professional Commercial Property Agent
Not all agents will know much about commercial properties, so instead of turning to the same Estate Agent you purchased your home from, visit a Commercial property agent instead. You can rely on them to have the correct knowledge and experience required to assist you.
Don’t be afraid to reach out to experts in this regard, that’s what they’re there for. They will be able to answer all of your questions and show you properties that meet your needs and requirements. Allow them to do some of the hard work for you.
Fees will vary depending on acquisitions or leasing and always agree these in advance and set out clearly in the terms of engagement letter.
Even if you’re set on buying a property, it is actually beneficial to consider leasing as well. Again, the commercial industry is very different from residential and you will probably be surprised at just how many people and companies don’t actually own their commercial property.
Of course, considering leasing will also provide you with lots of different options to choose from. If you’re struggling to find a commercial property for sale that is exactly what you’re looking for, you may have more choice when considering leased properties too.
Always Inspect and arrange a Surveyors Report
A video inspection can prove very helpful initially, however whilst this may seem obvious, we can’t stress the importance of a physical inspection. You can’t get a feel for a property without physically viewing it and often, your first impression when visiting is important.
Don’t be afraid to view it more than once as well. If you’ve seen lots of different commercial properties they can begin to all blend into one and you want to make sure you definitely make the right choice. Be sure to engage a Chartered Surveyor or Architect to measure and survey the building and check for any undisclosed defects/essential repairs.
Last, but by no means least, you need to be patient. There is no guarantee that you’ll find the perfect property quickly and you need to prevent yourself from rushing into something that isn’t quite right just because you’re getting impatient.
Remember to think things through logically and always bear in mind the future when looking at commercial properties. You will definitely thank yourself in the long run for taking your time and waiting for the most suitable commercial property to come along.
Investing in a Commercial property
Hopefully, the tips above can help you make the best possible choice when deciding on a commercial property. There is no denying that it is incredibly beneficial to take your time, do your research engage with the relevant professionals before leasing or investing in a commercial property.
When searching for any type of commercial property, be sure to visit the Property Locator website. Our platform has been specifically designed for Commercial properties and was developed through collaboration with many of Ireland’s leading commercial property agents. We list thousands of commercial properties for sale and lease throughout Ireland together with associated services and information to assist you find a suitable property.
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