Buying a building for your business is one of the biggest decisions you’ll ever make as a business owner. When your business is well-established and it’s time to put down roots, buying a building is an excellent way to invest in real estate and add to your company’s value while saving money on rent. Buying a building allows you to customize your building to make it perfect for your company without having to get permission from a leasing company. Building a property portfolio can be difficult if you’re new to the world of real estate. That said, there are lots of companies, such as The Property Sourcing Company, that can help you on your way. It’s all about research!
Before you buy a building, here are some things you should consider.
Room to grow
Do you plan to grow your company? What does your company’s plan for growth look like for the next year, five years, and ten years? Where do you see yourself? Whatever your answer to these questions may be, make sure the building you purchase fits into these goals. Real estate is a long-term investment, so If you plan on growing be sure you have the space you need. On the other hand, buying a property with extra space that you’ll never use could allow you to lease to other companies and help you pay off your property faster.
Mechanics of the building
Make sure that the building’s infrastructure supports your business. If you are running an office, internet connectivity, plenty of outlets, and office aesthetics are prime considerations to consider before making your purchase.
Companies in the brewing, textile, building materials, and other industries where the use of steam is a day-to-day part of the business will want to be sure the building purchased has an industrial broiler. Boilers use commercial grade heating oil to create steam which can be used to heat the building or for commercial uses. Boilers are more efficient than electric systems and will save your company money.
Location
The three top considerations in real estate are location, location, and location. You’ve heard it before if you’ve ever bought a personal home, but it’s true for business buildings too. Are customers going to be visiting you at your office? Be sure there’s plenty of parking, easy access from the road, and that you’re in a great location to make it easy for them.
Purchasing a building in a desirable location means that when it comes time to sell, another business will be quick to buy your building from you.
Budget
Before taking that final leap and signing on the dotted line, take a hard look at your company’s finances. Do you truly have the budget to purchase a building? Can you afford to upgrade the building to meet your company’s needs before you move in? If something major needs repairs– say, the roofing needs extensive fixes from a seasoned roofer; the flooring needs tending to with the aid of a professional adept in this field; or the fencing requires major upgrades from a skilled Fencing Contractor — can you afford to fix it? Answering these questions ahead of time can save you a lot of heartache and frustration down the road. Additionally, the building can demand periodical maintenance for the safety and cleanliness of the ambience. For this purpose, you can evaluate your budget in order to fit into various requirements like routine inspections and sanitary standards for workspace by a reputable window cleaning service and roof cleaners. This might increase the aesthetic appeal of the building, while also complying with the safety measures.
Purchasing a building can be a great investment for your business. Take the time to research the building, location, and your budget before you make the investment so that you can reap the benefits of the building instead of regretting your decision.
