BUYING AND SELLING COMMERCIAL PROPERTY
What are the benefits of buying business premises rather than renting?
Most businesses opt to rent their business premises as it is usually easier to find property available for rent rather than for sale.
However, there are a number of benefits of buying your business premises. These include:
- Buying property can be an investment, especially if it increases in value over time. Make sure you purchase your property at the right price and choose wisely, paying attention to location and opportunities for development.
- You could rent out part of your property to another business and create an income if you don’t need to use all the space available.
- Buying your property means you have more flexibility in terms of the management of the building and you can decorate and alter the building to suit your growing business needs.
- You can sell the property at any time should your business needs change. You’re not tied into a lengthy lease.
What advice do I need before buying or selling commercial property?
You will need to arrange for a surveyor to carry out a survey of the property to assess the value and check the structure of the building.
You will also need to instruct a specialist commercial property solicitor who will advise you on the purchase or sale to make sure:
- You understand the contents of the contract
- The contract is fair
- The proper surveys and searches are completed and the results are explained to you
- Your sale or purchase completes as quickly as possible
JWK can help you. Get in touch today
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Clare started work at JWK Solicitors in 2004, after completing her LLB at Oxford Brookes University and her LPC at Nottingham Law School. She works within the Commercial... Read more
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