Expat Commercial News: Buying your first commercial property

Buying your first commercial property. Looking into purchasing a commercial property? Great! This article will give you the chance to learn a few tips about buying a commercial property. You’ll not only find a list of the pointers on buying your well-suited commercial property, you can also check out the infographic for more top tips too.
What we’ll cover in this article:

• Understanding the importance of ‘why’
• Figuring out the best type of property for you
• Learning to budget for long-term expenses

The importance of ‘why’

Understanding why you’re buying a commercial property will help a great deal when deciding between your final property options. You could be looking for a property to use for an office, as an investment or to home your shop.
Whatever your reasoning, look deeper into them. In other words, consider your goal i.e. expanding your business, getting the attention of shoppers, finding a quiet area for your first office.

What type of property do you need?

Although the reality of it is that the property you have in mind probably doesn’t exist, you should still create a list of all your requirements. And if it does, it more than likely has flaws – like anything.
So instead of imagining your perfect commercial property down to the T, concentrate more on the type of property you need. Once you’ve done this, you can start to narrow down your list of requirements by getting rid of the ‘wants’. Buying your first commercial property.

How to budget

Maybe you’re a big company looking to upgrade to a larger office building or for those of you who are starting your business up, you might need a much smaller building. This is something you should consider and talk to your agent about.
The reason for this is so that you can estimate the running costs of your type of building. When you’re estimating the running and maintenance costs, always keep in mind that (at some point) you’re going to come across a costly issue.
Whether this is due to a plumbing problem or an electrical one, it’s going to have a big effect on your budget. Buying your first commercial property.

The main point

The number one tip you should remember is to plan. Plan everything, so that when the time comes to buying a commercial property, you can make sure it ticks all the boxes and that you can afford it (short-term and long-term). Good luck!

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