Investing in your very own commercial property, be it to buy or to rent, is a very big ( and important) step for your business. Having a Ground Zero for all of your sales, and for your trustworthy and loyal customers to meet you face to face, is vital when encouraging potential customers to visit your business over and over again. Once you know where your business will gain the most foot traffic, the next step you need to consider is whether you're going to buy your very own commercial property, or whether you're going to rent.
The Pros of Buying
Buying your own property means you have complete and utter control. You're able to place your name above the front door, design the interior how you like and stay in your desired location for however many number of years you want.
On The Other Hand...
While there are a great many benefits to having your own property there are a couple of downsides to consider.
- You're liable for any maintenance and damages which may occur in your property. However dealing with these the moment you find them can prevent them from turning into bigger, more costly, problems.
- If, after a couple of years, you decide to relocate you may find the process to be a long and complex affair. Selling commercial property isn't like selling a house and you may find yourself waiting longer than you expected for a potential buyer to cross your path.
The Pros of Renting
Renting your property gives you peace of mind that there's somebody there to take care of any damages and maintenance issues you may be experiencing. It also gives you the ability to negotiate how long you stay in your desired property.
On The Other Hand...
Though renting your dream commercial property may be the best idea for you and your business, there are some key facts to consider before you agree to anything.
- If you want something done, you can't do it yourself. Your rented property isn't yours, remember. If you want any major changes, any fixtures seeing to or any damages repaired you need to wait for your landlord to deal with it.
- You may find that your landlord refuses to renew your short-term lease if they would prefer a long-term lease. Unless you're willing to agree, this may mean you have to close up shop early.
There are many advantages and disadvantages to buying and renting your commercial property. Our reliable, professional commercial property consultants in London are here to offer you expert advice on all aspects of commercial property. No matter what question you have, or concern you face, we're here to help set your mind at ease. If you would like to know more about our commercial properties, contact us today on 0208 863 8680