The Wrong Way to Buy a New Business Property – How to Avoid Common Snags

It is often said that moving ranks up there with divorce and bereavement as one of the most stressful of human experiences, and yet there are times when it is unavoidable and so we clench our jaws and dive in. When it comes to moving your entire business to a new premises there is as much if not more stress involved due to the fact that we all spend more of our time at work than at home and therefore getting your new location wrong has a lot riding on it. Not to mention the fact that there are, unless you have a very large family or a very small business, usually a lot more personalities involved in the moving of a business.

So when you are also buying your new premises it is vital to get it right. It isn’t all stress of course, choosing a new home for your business can be very exciting and it often means that your business is doing well enough to warrant a workplace upgrade, but buying a new business premises is never a simple task, there is definitely a right way to do it that avoids the obvious pitfalls and conversely a very wrong way that will raise those stress levels through the roof.

If you have found somewhere that seems to suit your business needs; somewhere that is the right size, in the right area of town at the right price, there are several vital things that need to be considered before you make an offer.

Zoning Regulations.
Local zoning regulations will determine whether or not your particular business type can trade in the area, pretty critical information to have. They also govern the type of signage you will be allowed to use, property access and parking. You may have found a location that you love, but if the location does not love your business, there is little point in buying. Very costly mistakes have been made by traders in the past who have bought a business premises only to discover that their business type is not allowed to operate out of it or that they cannot erect a sign on the outside of the property. Do not underestimate the problems that having no customer parking will bring either.

Just as with buying a domestic dwelling it is important to get things thoroughly checked out before you commit to purchase. Mortgage lenders will probably demand some sort of building inspection in order to grant funds, but even if they only require the most basic of checks it is prudent with a business property to get a specialist survey; if you are going to be housing a staff there or inviting customers to visit, you will need to ensure for insurance purposes that you have confirmed the building’s safety. It may be the case that your business requires certain activities to take place, in which case a survey designed to declare the building fit-for-purpose will need to be carried out. Finding out that your business property has structural faults is very different from finding out the same about a domestic dwelling; anything that delays you being able to trade is money down the toilet; having to fix things before you move in could mean expensive rent being paid along side a new mortgage or a homeless business that has to keep its doors closed until it has somewhere to work from, all of which can be extremely costly, indeed many businesses have failed waiting for essential building work to be completed.

Putting any excitement about a new business premises firmly aside and remembering that it is a professional undertaking will hopefully remind you to focus on your ‘due diligence’ and not to get carried away with the thrill of things new. Providing you leave no stone unturned you should be able to avoid the sort of costly pitfall that will leave you wishing you’d stayed where you were.