Whether
you’re choosing to lease or buy a commercial property, there are lots of
different factors that need to be considered before you choose the right one.
Finding the right premises is a huge decision for any business, from offices
and shops to warehouses, restaurants and bars.
The building
you choose can have a huge impact on your company and brand. In addition to
finding the right location and the perfect property to run your business from,
you’ll also need to ensure the legal documentation is taken care of by a
professional.
Below, we’ve
put together our top tips for finding the right commercial property for your
business needs.
Find the right location
One of the
most important factors to consider when choosing a commercial property is the
location. The location you choose should be convenient for your employees,
customers, clients and suppliers. No matter what type of business you have,
whether it be a clothes shop, an office or a warehouse, it’s important that it
is accessible and in a good location.
It’s crucial
that there are good transport links for your employees; remember, not everyone
will be driving to work and therefore it’s essential that employees can access
your business via public transport. You should also take parking into consideration
too; is there a carpark? Can employees park nearby?
It’s
important to remember that buildings in popular and busy areas often come with
a heftier price tag and therefore you’ll have to find the right balance between
price and location. Depending on your business and how much visibility you
need, you may not require a town centre or ‘prime’ location and therefore you
may be able to find a cheaper property.
With the
above in mind, don’t forget to check out your surroundings too. Where are your
competitors located? Are there nearby amenities to get lunch or grab a coffee?
Is the area particularly noisy or polluted? Are their leisure facilities
nearby? Does the area have a good reputation? Is the area particularly
expensive?
Leasing vs. buying a commercial property
Deciding
whether to lease or buy your commercial property is a big decision. Your choice
will depend on your business and your requirements, but it’s important to
carefully consider both options. Generally, new businesses or start-ups are advised
to opt for leases on a short-term basis (usually around a year long).
When you
rent a business premises, less capital is invested than buying. This gives you
the flexibility to relocate should the premises become unsuitable or fail to
meet your needs. Leasing a business building typically includes minimal legal
fees and only a small deposit to pay, making it ideal for small or start-up
businesses. Arguably, you have less flexibility when you lease a commercial
building; however, you can benefit from added security of tenure for the term
of lease.
Alternatively,
if you run a large and established company, it may make more financial sense to
purchase the building - particularly if your plan is to stay in the area for a
long time. Buying a business premises gives you the flexibility to manage and
repair the building as you choose, giving you complete freedom to decorate and
design the space to your taste. This is a great option for those wanting to
revamp the space and have complete control over brand image. Plus, you could
benefit from potential profit if you choose to sell the building in the future
and it has increased in value.
Find the right sized property
When it
comes to finding the right property for your business, it’s important to ensure
you choose the right size, and this means thinking ahead to the future. Working
out how much space you need can be tricky; while you don’t want to end up
paying for lots of space you don’t need, you’re likely going to need more room
in the future if you plan to grow and expand. The last thing you want is to
grow out of your premises too quickly and have to start from scratch again to
find the right property.
When
choosing your property, make sure you think ahead to the future. Is your team
expanding? Do you plan to grow certain areas of your business? Will you be
hiring more teams and need extra space for new employees in the next year?
There are
health and safety regulations in place to ensure employees have enough space at
work. Legally, you have to meet these requirements and regulations, so keep
that in mind too.
When
choosing the right sized property and working out how much space you need,
don’t forget to take into consideration additional space you’ll require for
furniture, stock, equipment, meeting spaces, break rooms, relaxation areas and
more. The premises are more than just the shop or office floor.
Do I need a conveyancer?
When
choosing a commercial property, there are a number of legal considerations that
need to be taken care of. The last thing you want is to find the seemingly
perfect commercial property that appears to have everything you require, only
to find that the building goes against certain regulations or you missed some
small details in the contract.
We strongly
recommend hiring a conveyancer to help you with the legal side of buying or
leasing a businesses premises. Legal factors that need to be considered include
planning permission, health, safety and fire regulations, accessibility,
insurances and licenses. If you purchase the property, you will likely need to
pay stamp duty; if you rent, you’ll need to comply with the terms of the lease.
Commercial
property conveyance is extremely difficult to undertake by yourself, however,
it is a necessary process in both buying or selling a commercial property. A
professional conveyancer or conveyancing solicitor will help with the
settlement and title transfer process by ensuring you are meeting all legal
obligations and your rights are protected during the transaction.
You should
always fully involve your conveyancing solicitor before you commit to any legal
agreement. Hiring someone to deal with the legal aspects of the purchase will
not only save you time, but it will also ensure you meet your legal
obligations.
PJE Solicitors:
property
conveyancing solicitors
in Cardiff and Pontypridd
At PJE
Solicitors, we have a team of experienced and knowledgeable property law
experts who can provide you with the advice and assistance you need when
purchasing a residential or commercial property in Cardiff and Pontypridd.
Whether it’s your very first time buying a property or your tenth, we’re on
hand to ensure everything goes smoothly on the legal side of things.
Our team of
conveyancing solicitors can help you with a number of issues related to
conveyancing, including transfer of equity, adverse possession, residential and
commercial conveyancing, leases and tenancies and remortgages.
At PJE
Solicitors, our team is dedicated to ensuring the process of purchasing your
property is completed quickly and correctly. Commercial property conveyancing
is complex and time consuming, no matter if you’re a grantor, grantee or need
to complete a rent review. With years of experience, we can help with any
commercial property questions or problems that you may have.
Our other
legal services include wills, trust and probate, employment law and family law.
We’re proud to be the professional solicitors in Cardiff and Pontypridd that
you can trust. Whatever your legal situation is, we have a reliable and
experienced solicitor who can guide you through the process. We’re dedicated to
helping you receive the outcome you deserve.
For more
information about our services, visit our website.
