You’ve got the business idea, the startup capital and employees who are ready and raring to go. But one part of starting a business is going to push your financial mettle to the limit – investing in a business property.
Indeed, an over-expensive property in a poor area can play havoc with your finances, turning your beautifully organised ledger into a mass of late payments and debt longer than your arm. Without a wide-ranging knowledge of the property market, the likelihood of slipping up will be great.
Yet your property-renting experience doesn’t have to be all doom and gloom. With the right kind of advice, you’ll be able to find the ideal workspace WITHOUT swimming in a pool of debt.
With that in mind, we’ve concocted this list of commercial property leasing dos and don’ts to give you a helping hand. Take a look and bear them in mind.
DO consult the right people
Plenty of letting agents are about as trustworthy as snake oil salespeople. They’ll stretch the truth about a property until it’s thinner than Victoria Beckham on the Atkin’s diet, talking up special amenities that barely exist. The most devious con merchants could convince you that a cardboard box was a luxury mansion.
But some letting agents are more trustworthy than others. We’d recommend these property gurus for the wealth of industry knowledge on their site, and an over-arching helpfulness and honesty that’s refreshing. Have a gander at their site to find out more.
DON’T jump the gun
You’ve wandered into a property, had a look around and a lease agreement is being thrust into your hands.
Whatever you do, don’t sign it straight off the bat. To ensure you’re getting the best deal, research the property thoroughly and see if you can shave some cash from the asking price.
DO know your audience
Who are you aiming to sell your products to? Where do they live? How closely can you locate your business to your core demographic to maximise profits?
These are the major questions you should be asking yourself long before you lease a commercial property. Do comprehensive market research before you begin viewing properties. The closer you can locate your enterprise to your preferred customers, the more money will roll in.
Renting a property is fraught with difficulties, none more so than the cost. You’ll be torn between the place where you want to be and the place you can afford.
Finding the right balance between practicality and affordability can be tough, so hire a financial advisor to help you out. That way, you’ll know you’ve spent exactly what you can afford and STILL find a property that’s optimal for you.
Categories: Real Estate