Buying and occupying a commercial property is an investment option you may be considering so we have broken down the sales process to help you make the transition from renter to owner a little easier. There are three simple phases you need to consider when you are considering your purchase; the research phase, the contract phase and finally the moving phase.
Find your property
Firstly, find your property. Review, research, and make a shortlist of your preferred properties and decide which ones you want to go and inspect.
View the property
Inspect each property you have on your shortlist and make sure you consider what you need the space for. There are a whole range of things to look for when inspecting a commercial property and you'd do well to familiarise yourself with them before walking through the door.
Do a building inspection
This is a simple and necessary step to take to help make your decision to move into your new commercial property. Completing a building inspection will put your mind at ease and allow you to know whether the property is sturdy, safe and whether it requires any repairs. We can recommend some great building inspectors on our Ask Ed expert directory.
Line up the financing
When it comes to investors or owners looking to purchase commercial property there are a few things to know when it comes down to the dollars. When all these are covered and your financing is approved, you will work through negotiating a price and making an offer. When this offer is accepted you will move through to the signing contracts.
Once you have the all clear from your building inspection and your finance is ready you will progress to the contract phase. When you have finalized the contract of sale you will have a final waiting period before you can fit out your new business location.
Next you will need to contact a lawyer to complete the purchase transaction, for buying, selling, managing or developing. When you are involved with large scale commercial or industrial property investments there are a large number of stakeholders and there are special issues that must be considered. Depending of course on your business, there are financial factors like GST implications, physical issues such as site contamination, and other compliance issues such as liquor and gaming licensing. These and other complex terms are best handled by the professionals.
This can be a really fun part of the process of purchasing your commercial property. The moving phase includes planning your space, arranging a fit out and purchasing furniture.
Plan for your fit out
Let your creative juices flow ensuring of course that your space is both functional and you don’t extend your finances too far.
Either, spend time purchasing your own furniture or work with interior stylists to create a space you will love working in.
Connect your utilities
We have some great recommendations on who can help you create sparks in your new business location. Literally, they can connect your electricity, gas and water instantly.
Arrange a moving company
Plenty of companies can help you with moving house but there are companies that specialise in offices and commercial properties and the unique requirements that come with it. From moving whole buildings to packing down factory machinery and setting it up again in a new building, commercial moving companies can make your move simpler. Walkers Moving & Storage and Office Movers are two examples of these types of companies and can help remove the stress of getting you into your next space.