Before you invest in any kind of property, commercial or otherwise, it’s important to do as much research as possible before you spend any money, so you know you’re making the right decision and aren’t taking any unnecessary risks.Commercial properties include the likes of shops, warehouses, flats and offices, and they typically have longer leases than residential sites, typically between ten and 15 years.
Once you’ve decided on your investment budget, you can start thinking about what you want to invest in – and where. To maximise your potential returns, you’ll need to consider location and type of property, taking supply and demand into account, as well.This is why it’s so important to understand the state of the property market – so start keeping up to date with all the latest news, if you are planning on investing in the near future. Look at trends like the value and supply of property, the availability of commercial mortgages, the competition and tenant demand (if you plan to let the property out).
And make sure you think about transport links, parking facilities, delivery facilities, congestion charges, proximity to other businesses, clients and suppliers, and so on, as this will also dictate which property is right for you.You will also need the expertise of a commercial lease solicitor, so it might be a good idea to sort this out at the beginning of the process, so you know where to go when it comes time to exchange and complete on contracts. You can also ask them any and all questions you have about purchasing property, taking advantage of their wealth of knowledge and experience.