Making that first step on the property ladder as a resident is always an exciting one, but what about making that exact same step as a business owner investing in your first commercial space? Eventually, entrepreneurs soon find that running their business from their own isn’t feasible any longer for whatever reason, requiring to make the move.
Like residential housing, business owners can elect to either rent their premises or own it outright. While it is far more common for businesses to rent their accommodation; some do prefer to own the building outright as this gives them better opportunity to make the relevant work without seeking the permission of a landlord.
Is it Better to Rent or Buy Commercial Property?
Answering the question as to whether you should rent or buy business premises comes down to exactly what you and your business is, and whether you have plans to further grow your business in the not-too-distant future. While owning your property offers more security in terms of having somewhere to trade, renting offers a good means of start-ups to set up in their own premises without being tied into a long-term contract or left with having to find a buyer for the building should they go out of business.
It also depends on the industry in which your business is operating in as there may be the means for a specialised facility. For example, if you require premises where you can look after animals or any potentially harmful materials, it might be worth finding an investor to fund the purchase of a facility that is either ready for use or can be renovated to accommodate your business needs.
Where to Find Commercial Property
Of course, finding premises is not the same as checking the windows of the estate agents’ in town. For a good start in your search, finding a specialised agent with commercial property for sale will not only help you to find the right building for your business, but they will also be able to offer advice on any issues that may arise.
Even if you are a homeowner yourself, it is important to remember that being responsible for commercial property is a whole other ball game, with various safety certifications and compliances that you should be aware of. From ensuring that you leave access to the fire exit (making sure that you have one), work stations that do not put yourself or any employees in danger and making sure that all electrical equipment is tested and certified, there is a lot to consider that you simply wouldn’t have to in residential accommodation.
Speak to an Expert
If this will be your opening foray into the world of business space, you should certainly seek out the help and advice of an expert in the area. Maintaining commercial property simply is not the same as residential housing, with so many more hoops to jump through all before you can move in any equipment.
You have a duty of care to any employees or visitors that visit and, if something was to happen on-site and you have not taken the proper precautions (such as business insurance), this can leave you in a world of woe. An expert will be able to clearly detail everything that you need in place before purchasing property, as well as what needs to be done before opening your space up for business.
Without the proper planning or preparation, you will soon be back to operating from your bedroom…if you are lucky enough to keep your business trading.
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