Finding the right commercial property Cape Town business owners are interested in means understanding your needs, what you have to work with, and the best option that benefits your business efforts. While commercial and industrial property is being bought, sold or leased on a daily basis in Cape Town, those who do the right preparation will make the best informed decision.
Too many business owners do not take enough into account when either leasing or purchasing commercial property. Quite often, they get caught up in the excitement of buying or leasing property only to regret the decision because they either overlooked important details or found another piece of property that was better.
The Five Things to Remember when Looking for Commercial Property
While there are considerably more aspects to purchasing or leasing commercial properties, if you remember these five items when shopping around, you can make the most effective decision for your business needs. This is because commercial property Cape Town real estate agents have available is usually highly sought after which means it won’t last long on the marketplace. So, making the best decision often means only taking a short amount of time.
Assess your Business Stability: Just because your business may need to expand or relocate does not mean that you are ready to do so. Before setting off to buy or lease commercial property, make sure that your financial situation is stable and able to handle making substantial payments on a monthly basis. You may find that you need to make a few changes before diving into the real estate market.
Location: Arguably the most important factor when choosing a commercial property. Remember it’s not just the building, but the neighborhood where it is located that will impact your business. Take into account the demographics, recent growth, and the general atmosphere. This is very important as you may wind up in an area that causes you more trouble than it’s worth to stay.
Buy or Lease: This is another consideration that you will need to make when selecting a property. There are times when leasing is the right answer, especially if you are cash poor and need to build up your capital. However, buying the property gives you long-term security and greater cash-on-hand when the mortgage is fully paid. Yet buying a property is often a long, drawn out process compared to leasing. If you are thinking long-term, then purchasing the property is the way to go.
Tour the Property: You’ll want to go over every inch of the property preferably with an experienced contractor or inspector who can point out any potential issues with the structure. The more they find, the better position you have to negotiate the price.
Negotiate the Price: Everything is negotiable, especially the price when buying the property. If you have done the research, you can certainly find good reasons why the property value might be a little bit lower. Remember, every little bit of money you save can be used for your business, so be sure to negotiate tough, but fair.
If you have done your homework, then buying or leasing commercial property Cape Town business owners appreciate will be far less of a headache and better for your company.