It’s my dream to own a commercial property of my own someday. Right now, however, I’m not in a position to do so – I’m still working from the comfort of my home office. But hopefully, one day soon I will have my own commercial office. Just because I’m not able to buy right now, that doesn’t mean I haven’t done a lot of research into the commercial property buying process. Believe me, I have. So I thought that today, I would share some advice with you about the ins and outs of buying a property for commercial purposes. Hopefully, this will make the process a little easier and less stressful for you.
The first step is to save a deposit
To get onto the commercial property ladder, you will need a deposit, just like you would when buying a residential property. So the first thing that you need to do is start saving up. As a rule of thumb, most mortgage providers require a deposit of at least 10 percent, some more, some less. Regardless of how much your deposit needs to be, you need to making saving up your first step. Each month put aside a set amount and save it in a high-interest ISA. Whether you’re able to save £300 a month or £30 a month, it doesn’t matter. What’s important is that you’re setting money aside each month for the business premises of your dream.
Keep your finances in shape
If you want to get a mortgage, one of the biggest mistakes you can make is not taking care of your finances. You might not think that things like bounced direct debits make a big difference to your eligibility when it comes to mortgages, but they can and do. If you want to get a low-interest rate mortgage, it’s important to keep your finances healthy. This means ensuring that your bank account doesn’t go overdrawn, that you don’t miss any payments and that you’ve paid back all of your credit. After all, you can’t expect to be lent hundreds of thousands of pounds if you still owe your energy provider money, can you? So make an effort to keep your finances in shape.
Get your mortgage in place
A mistake many buyers make is not sorting out their mortgage until the last minute. Believe it or not, a mortgage application isn’t quick and easy to do; it can take weeks or even months to be approved. So before you start house hunting, it’s a good idea to get your mortgage in place. That way, when you find somewhere that you fall head over heels for, you can make an offer straight away. You won’t have to wait around for your mortgage to be approved. Plus, by getting your mortgage sorted sooner rather than later, you won’t have to rush the process. There are various mortgage providers to choose from, all of which offer different mortgage options and rates. So take the time to compare your options and see which provider is best for you and your business.
Find a reputable lawyer
Buying a commercial property to house your business will probably be one of the biggest purchases you ever make. So it’s important to ensure that every last detail is properly dealt with, hence why having a lawyer on hand is a must. That being said, you don’t just want any lawyer; you need to use commercial conveyancing solicitors. That’s because the laws regarding the buying and selling of property are somewhat complex. In order to ensure that everything goes without a hitch, a specialist knowledge is needed.
Decide what type of property you want to buy
Once you’ve got a deposit saved, your mortgage in place, and a lawyer on hand to help, you need to decide on the type of property that you want to purchase. The chances are you’ve already got an idea, but now is the time to think more carefully about it. You might know that you want a retail property or a commercial office, but you may not know exactly what it needs to have. Now is the time to get the particulars of your property sorted. This will make finding the perfect place that little bit easier for you, so it’s something that’s well worth doing.
So there you have it, everything that you need to know about owning your own business premises. To make the buying process easier and less stressful for yourself, take note of the tips and advice above.