Market Research You Must Do Before Purchasing Commercial Property

commercial-building
If you are looking to purchase a commercial property, no matter if this is your first venture or an addition to your portfolio, you must first carryout thorough research into the markets. If you don’t, you risk spending your hard-earned money into something that might turn out to be an unwise choice for your circumstances. What follows in this post are the steps you need to take to ensure that you can always get the right commercial property for you.

Assess Your Needs

Firstly, you should draw up a list of ideas for what you want from your location. This should cover:

  • The size of the building(s)
  • The facilities on offer
  • Expansion capabilities
  • How much work will need doing

These are important for both the future of your business and how much you will need to budget for on top of the buying costs.

Consider Accessibility

As a commercial business, you might need to manage deliveries or supplies from your building, as such you also need to think about how accessible this will be – particularly for larger wagons. Equally, think about how easy it will be for your staff to reach the area and find parking if they need it.

Look at the Market Prices

With the above you should then consider how much the average prices are for properties that match these criteria. Another option here is to seek the advice of special valuation experts such as GVA, who can help you with your search for an affordable commercial property. This way you can be certain you are going to be spending a fair amount on this important investment.

Visit the Area

The final step before you look into any purchases is to visit the area and take a look around the properties that have your interest. Much like when purchasing a house, you need to see the site first-hand to give yourself a full and clear view of what the property is really like – rather than just believing what has been said in the brochure. This can help you identify any potential issues, or even see spot some hidden benefits you otherwise wouldn’t have known about.

Once you’ve covered the above bases, you should be able to draw up a shortlist of suitable properties. Then, all there is left to do is find something that fits the bill and make an investment in something that could truly benefit your operations.

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