Commercial property is a smart investment, both for businesses and realtors. Estate agents looking for a lucrative market to rent to should consider investing in commercial property. New companies are always looking to rent out premises, so it’s a good sector to get involved in.
Many companies will need to rent or buy a property. It’s not always the best idea to get the cheapest or the nearest. There are many factors which affect the value of commercial property, and you should consider these before buying. Here are some of the important factors to keep in mind when buying or renting commercial property.
Location Is Crucial
One of the biggest concerns for commercial property is where the building is located. Investing in property in a popular business location can be particularly lucrative. Many companies will want a building that’s close to other businesses and easy to access for commuters.
Of course, service industries will need properties in busy pedestrian locations. High streets, shopping centres, and tourist spots are some of the best places to consider. You could also invest in buildings in industrial parks. These are useful to many companies, particularly in the warehousing and logistics industry.
Before investing, do your research on the area. You might want to look into footfall figures and find areas with a prominent business presence. You should also consider travel links. Finding an excellent commercial location can notch up the value of your property a lot.
Protect Your Investment
Whether you’re the realtor or the renter, you should always make sure to talk to a property lawyer. Solicitors can give you advice on commercial property law. Legal services like these will help you get a fair price and make sure the building is well-maintained before you pay.
While you might be able to get some maintenance work done before investing, you may need to do some extra jobs yourself. Of course, you’ll want to make sure everything is well insulated and ventilated. You should also ensure the plumbing and electrics are in order. Finding a surveyor for commercial buildings can help.
You should also take out insurance. Commercial property insurance can cover you financially in cases of structural repair work. It can also protect the contents inside the building, which is essential when you store business goods and electronics.
Set It Up For Business
When you buy or lease a commercial building, you’ll want to make sure it’s well prepared for business operations. The work you need to do can depend on what kind of industry you’re in. Restaurants will need a safe and hygienic kitchen area, as well as dining areas. Shops will want to make sure there’s plenty of room for storage.
There are also certain things all businesses require. One of the first things you should get is a high-speed internet connection. Also, be sure to take care of water and energy bills. Making your premises accessible for disabled customers should also be one of your main concerns.
While businesses do a lot of this work themselves, realtors can add to the value of their property by doing some of the work for them. If a building is already prepared for commercial use, it’ll be much more attractive to potential renters.