Looking to start investing into a commercial property or adding to your current portfolio? Before you buy you should know the difference between what you need to have in this property, and what you’d like on this property. This will help separate the good properties from the bad as getting what you need rather than what you want is of great importance. This coincides with working out your budget, as the more you want from a property, usually means the more you will have to pay for it. Make sure you know your limit and have a goal price you’d like to pay for the property you’re going to invest in, as some properties may be listed higher but you could offer your goal price, or lower.
Similarly, you should also plan out your finance and if you are going to pay in cash straight away or you get in touch with a mortgage broker or an investor. If you already have properties with investors, you could ask if they are willing to purchase another property with you. As they have already got one property with you, they are likely to trust you and you will know how you work in these situations. You should also look around rather than going for the most local or first property that you see for sale. As some properties may be a bit further afield but have everything you are looking for, for the price you want to pay.
Finally, once you have chosen the property that you’d like to invest in, you should get a full structural survey completed on the property. This will first of all see if the price you are paying is equal or better than the actual value of the property. Secondly, it will also flag up any faults in the property that you will need to look in to and repair. You could potentially ask for the price to repair the faults to be taken off the asking price.
If you’d like more tips and advice for getting your commercial property, check out the helpful infographic below which has been provided by Buy Rent Commercial.