Finding the right location and business premises for your organisation is a challenge. Firstly, it is a big expense so it has to be handled well, secondly, property is a changing market. Getting advice before you start to look for your business space is essential. Property teams such as Russells can help to guide you through the process. But what questions should you ask before getting your business space?
When considering a business mortgage, you will want to ask the following questions:
· How much can you borrow?
Be realistic in what you can afford. Don’t over estimate your earnings, you don’t want to struggle, especially if you are just starting out.
· Can you make overpayments on your mortgage?
If you have a good month or year can you pay more into your mortgage. This is a good option as if you overpay you can reduce your interest or your term.
· What will the term be of the mortgage?
Plan ahead and include the term of the mortgage in your business plan. This way to you can plan for your costs and business growth.
· Can you choose a fixed rate?
You may find a deal on a variable rate, but a fixed rate mortgage can give your business some stability. Knowing the cost and your outgoings each month will keep you in control.
But what about the property itself? Here are some questions to consider.
· How much space is there?
Of course, depending on what type of business you are running will affect the amount of space you need. Do you need one big open space or do you need small offices, the use of a boardroom or do you need something smaller? Knowing how much space you need and what is available to you is essential before buying your commercial property.
· Is the space comfortable?
You need a comfortable space to work in and if you have employees you need them to be comfortable too. You can make the office your own but there are some things you can’t change. Such as how much natural light enters the building, or how much noise can be heard from outside. Knowing this before you buy is a must.
· What facilities are there nearby?
There’s no point in having a fantastic office in the middle of nowhere. Do you need parking facilities or to be close to public transport? Are there places for supplies, shopping or coffee nearby if that is what you want? You need to make sure the property is located within an area that has everything you need, is easy for you to get to and is safe too.
· Does the building comply with health and safety regulations?
This is very important. You need to ensure you are working in an environment that is safe and secure for you, your staff and any visitors to the premises. This will also make a difference when it comes to ensuring the property.
What else do you need to know?
I’m sure you have plenty of other questions to ask but there are other things you should consider. Think about how long you want to spend at this location and if it will grow with your business. Will the property increase in value or is it located in an unsettled neighbourhood? You should also check if there are any developments that will be either beneficial or detrimental to your business in the nearby area.
Is that enough?
As you can see there are lots of things to think about, but hopefully this piece has helped you understand all the things you need to consider. Whether you are doing this on your own or with help from an organisation take your time to find the right place for you.
Founder Dinis Guarda
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