As a business owner, you may prefer to buy your own premises, rather than rent those belonging to someone else. It can give you much more freedom, and the property will likely also work as an investment, rather than a monthly drain on your resources.
Before proceeding, there are several things to consider to ensure it is the right property for you. Here are some of them:
Does it have the right zoning for what I want to do?
If you want to manufacture something or open a bar, you’ll need to be in a zone that allows you to do so. Many zones are reserved for housing, schools and shops and will not permit bars to open or manufacturing to take place.
If it does not have the right zoning, you may be able to seek an exception, but it’s wise to investigate the chances of getting this, and possibly securing that permission before you buy.
Are there any projects on the horizon that could scupper my plans?
It would be a tragedy to invest heavily in a property, and perhaps spend time building up your reputation based on that location, for something to come and force you to move. The government sometimes issues compulsory purchase orders when they decide areas of real estate are required for a project for the greater common good, such as a new road.
Is there a problem I’m not seeing?
It can be hard to assess property unless you have spent years doing just that. Therefore, most people hire professional surveyors to check real estate for faults, ground problems and the like before buying. You should also check the title is clear and won’t present you with problems in the future.
Commercial real estate is a big investment, and legal guidance can help you make it a wise one.
