What Most Business Owners Miss When Choosing A New Commercial Property
If you run a commercial enterprise, the time will eventually come when you have to find a new property. As you grow, your needs will change, and your existing premises may not offer the space or facilities you need.
But finding a new piece of real estate can be a challenge. Why? Because most businesses owners aren’t property experts and often don’t know which properties are suitable for their company needs.
Whether you need new real estate for offices, warehousing or retail, let’s take a look at what most entrepreneurs miss when choosing a new commercial property.
The Level Of Accessibility
The property itself might be great. You might have reassurances from inspectors and surveyors that it’s in excellent condition. But if your customers and colleagues can’t get to the location, then it’s not much use.
Accessibility is one of the main things that inexperienced business owners miss. They might believe that they have found the perfect premises at the right price. But if it’s out of town and none of their colleagues drive, then it could be a problem.
Choose a location for your premises that fits the needs of both customers and colleagues. The last thing you want after a move is a mass exodus, leaving you with dozens of unfilled positions.
The Condition Of The Building
You might think that you’re able to assess the quality of a building via visual inspection, but the truth is that you can’t. There could be all sorts of things wrong with it, from shoddy electrical work to cracked foundations. The only way you can find out is to hire professional real estate inspectors.
Industrial roofing contractors can provide guidance and advice about the state of the roofing, one of the most critical elements of a building to put right. Remember, even if a building is in bad condition, that doesn’t mean you shouldn’t buy it. What matters is the price you pay. Damaged real estate should come with a substantial discount to compensate you for repairs.
The Regulatory Requirements Of The Building
Many business owners buy real estate, believing it to be in the perfect location for their operations, accessible to staff and clients alike, and in good condition. But if the building doesn’t have the correct regulatory requirements for your particular activities, you could be disappointed.
If you run a business, there’s a good chance that the building you occupy must attain certain regulatory requirements. Those who plan on hiring office workers, for instance, may need to install HVAC systems. Buildings must also be free from potentially harmful substances, like lead, if workers are to be allowed to work inside them.
The Return On Investment When You Eventually Sell
The last point is arguably the most important. One day you’ll want to sell your property to another person. It’s not just the price you pay today that matters, but how much money you can make back in the future. Will the value of your premises creep up the longer you have them? Or will your operations lead to depreciation?