First of all, you need to be commended on the decision to start up your own business. Now, the hard part begins. You need to set up everything from scratch; the location, products, customers, suppliers etc. so you need to put extra effort for it. As starters, you need to search for a property to set up your business. It may not be as easy as you think it is, considering all aspects related to it; costs, paperwork, time taken to finalize etc. So here are some of the factors you need to consider before buying such property for your small business. Click here for rendered brick fencing.
- Down paymentMost properties for business are sold under leases so the down payment is compulsory. This condition is pretty straight forward; if you don’t have sufficient cash to reserve the property for yourself, then the deal is off. This cash amount shouldn’t just be the purchase cost of the property. It should also include the expenses you will incur to bring it to the useable state. For example, refurbishment costs, commercial fencing costs, legal fees etc. If the amount you expect to spend will infringe your liquidity, then you shouldn’t go ahead with it. Look for a cheaper place.
- Growth strategyNext you need to think of future plans in expanding your business. if you have landed a ground-breaking deal, then buying a small property will not help since your business is bound to grow fast. If you are hoping a slow step by step growth, then such a property would be fine. You need to align your payment plan according to it. A slow and steady growth means, you will need more time to pay off all instalments.
- Length of stayIf your company is project based and hence will move away from the building after a set number of years, then leasing it would be better than buying. Also, be careful on your repair expenses. If you have taken the place on rent or lease, there is no need to make major developments to the building, if it is in useable condition. You don’t have to bring down professional fence builders to lay up a new fence around the property or construction companies to add new parts to the building.
- Preparation for the handy-workYou have two options when buying commercial property. First is buying a ‘ready to use’ property where you simply https://en.wikipedia.org/wiki/Fence have to buy it and start using it. All work has been done for you and hence its price is high. The other option is buying it cheap, but doing all rework by yourself. You could hire a professional for this job, but do compare prices before you do so.