words Alexa Wang
You’re searching for a commercial property in London, what do you need to know before making your purchase? Firstly, you should plan the time that you decide to buy, consider how you can avoid certain problems and learn to trust your gut instinct.
These are all the buying commercial property tips you’ll learn about in this article, plus 7 more in the infographic included in this post.
Timing is essential
This saying is thrown around too much, but in this instance, it’s more relevant than you’d think. To put it in a way that’s easily understood, imagine this:
You’ve found your dream commercial property but, there’s a catch. The offer only stands for a short period of time because the seller needs the property to be sold asap. Although this sounds like a good situation to be in – if they’re in a rush to sell, they’ll be willing to compromise on the price much more than those who aren’t rushing.
However, you’ve not long started your property-buying search. Now, you’ve also not got a moving date from your original property yet, and you’ve been informed your contract with the place you’re renting doesn’t run out for a much longer period of time.
How to avoid this situation
So now you’re stuck, if you go ahead with the purchase, you’ll be paying rent still plus you’ll be spending time and money on the maintenance of the new commercial property. If you wait, you’ll be battling with yourself about whether or not you missed an opportunity.
In conclusion, start planning out your time-scale of when you can actually afford to buy a property and when your renting contract ends. Both should be at reasonably similar times.
What if I find the perfect property, but something doesn’t seem right?
First and foremost, explain your concerns to your trusted agency and converse with them about the potential risks of not listening to your gut. Okay, so sometimes the perfect property does exist, but more times than most, it turns out not to be what was advertised.
This is something that you’ll have to decide for yourself, but usually, it’s recommended to trust your instinct while also listening to a professional who can investigate further for you.
What have you learned?
Has this post given you the advice you were in need of? Give us your opinion on the most important things you need to know, before buying buying commercial property for investment. A commercial property investment is possibly one of the most smartest investments you can use in todays market. It’s all about sharing experiences so that we can learn to not make the same mistakes as others, so share away!