Buying a commercial property is a financial investment that has significant economic significance in your life. Fortunately, such transactions have an investigation period when the buyer checks the critical elements of the property and details of the contract. You should use this time to ensure everything is okay before signing the final documents.
So, what are the things to look for to find a good commercial property for sale? Here are seven key things to check before buying a commercial property.
The External Features
Features such as the roof, landscaping, walls, outer walls, driveway, and parking area are just as important as the interior. Some important questions are; how soon will you have to change the roof and at what cost? Do you have to rework the landscape, or build a new driveway? Consider all these important external factors and their implications regarding cost. Discuss any issues with the seller and find an acceptable compromise. Otherwise, move on to the next property on sale.
Peeping into the commercial property gives you an idea of the home renovations that you will need to transform the place into your dream office. It reveals the amount of work that needed to achieve this. The interior also exposes issues such as leakage in the ceiling or cracked floors. Other areas to pay attention to are the kitchen, bathroom, offices among others.
State of Building Service Systems
They include heating, mechanical, ventilation, electrical, plumbing, and air conditioning systems. The system should be at optimum performance at the time of sale. However, not all of them are, especially in old homes. Additional building service components to consider are alarm systems, garden sprinklers as well as fire detection and suppression systems. All these must be in proper conditions with a guarantee of along lifespan.
Once you are satisfied with the property, the next part is to check the land title. The name on the specific parcel of land or property should match that of the seller. Do not continue with the purchase if the names differ or the seller provides no valid reason.
A land survey is necessary for many reasons. First, it provides insights into any licensing needs or charges that may arise due to the location of the property. It also indicates if you can use the premise for your intended purpose. Even more, it shows any possible encroachment into riparian lands.
Most people overlook land use, subdivision and zoning matters even though they should be critical when investigating a commercial property for sale. Confirm the zoning details of the facility or the structure’s suitability for your intended use. Related issues to check are growth management agreements, covenants, and any pending zone changes.
An environmental assessment is mandatory when opening a business in a new location. A prior approval might not be relevant if the use of the property is going to change, for example when turning an open market into a fuel station. You will need to hire experts and local authority inspectors to conduct these assessments. Take a look at PropList to search through a variety of buildings around the UK.