Confidence in the market has returned and in turn commercial properties are now being snapped up quicker than ever. Maybe now is the time to consider the next stages of your business? Are you looking for a commercial property investment? Or perhaps you are looking for a property to trade from? Purchasing commercial property has never made more sense.
As with any property purchase there are many factors to consider, is it the right property, the right time, the right move for your business. But once the decision is made what should you be considering in terms of additional costs to purchasing your property. Here’s just a few:
- Purchase price or lease premium
- Stamp duty and land registry fees
- Surveyor, estate agent and solicitor charges
- Rate able value
- Managing agent fees
- Alterations and decoration
- Prepayment of initial rent (for leaseholds) and insurance.
- VAT if applicable
Costs can soon mount up so be sure you have done your due diligence and know clearly what you are expected to pay. Lease drafting can be another additional cost that’s often overlooked and can get expensive. And don’t forget factors such as empty business rates, building surveys and environmental reports. They may become extremely important if there is any future redevelopment or sale
If you’re looking for any commercial property advice then give the Level Property Management team a call, you’re welcome to pick our brains!