Commercial properties can be incredibly lucrative investments, and with the right advice you can anticipate a great long-term return on your venture. However, there are several tips every investor should be aware of before purchasing.
At Prideview Properties, we specialise in offering the very best property investment advice, so here are our top tips for commercial property investors.
Know Your Property
When looking for a potential investment, there are several things you must consider about the property itself.
When considering placing an offer, you should know everything about the property, its commercial potential and its location.
If it is an existing business, look at how that business has been running for the past few years, and observe whether the level of demand for the business in that area will remain consistent.
If no business exists in that area, seek professional advice on how the building can accommodate different businesses.
Know Your Finances
Knowing your budget is one of the most crucial steps to a successful commercial property investment. By knowing how much you can afford to spend, you can find the right property for you and minimise any potential risks.
If you are using a mortgage to secure the property, understand your repayments and how you will cope if your circumstances change
It is also important to know the rental yield you can expect to make, as this will allow you to plan your finances and have an accurate representation of the income you will be making from the property on a monthly and an annual basis.
Trust Your Consultant
By choosing a reputable, professional commercial property consultant, you can rest assured that you are making an investment that is right for you.