When you’re starting or expanding a business, one of the most important decisions you’ll make is where to set up shop. If you’re looking for commercial property, it’s important to know what to look for and how to get the best deal from the finance side of things.
In this article, we’ll give you tips on how to choose the right commercial property for your business and get the best finance available.
What is a Commercial Property?
A commercial property stands out among other featured properties as being used solely for business activities. Whether it’s through a lease, investment, or outright purchase, these properties are not used for residential purposes.
Commercial properties include many spaces from a standard office to a company-owned factory, and even to supermarkets and shopping centres. Commercial properties also have different financing and taxation laws when compared to residential properties.
What to Look For in Commercial Properties
One of the biggest factors to consider with commercial properties is the available space on the property. If you plan on operating all or part of your business there, you want to ensure operations can be performed as effectively and efficiently as possible. There may also be some specific space requirements you might need for particular rooms and operations.
Finding the right location for your business is not just about finding a place that’s close to home – it needs to be where you can have the widest customer reach. Commercial properties all over Australia use their location to their advantage by presenting themselves as local – or as a place that’s convenient for their clientele that search for relevant services.
Depending on the type of business – industrial, commercial office space, retail, tourism, or otherwise – it’s important to consider the amenities on the property when making your decision. Capacity to expand, stable power, stable internet, parking bays, client parking, and more can make a big difference in how much you can get out of the location while you’re there.
Being able to cater for a wide range of customers is the best way to generate as much business as possible. Having accessibility features on your property – such as a ramp or lift for wheelchair access – will go a long way to showing your client-base that you care about them. This in turn makes you appear as a more trustworthy and reputable brand.
Businesses want to perform well – and performing well enough may allow for possible extension or expansion of the business. When looking at commercial properties, think about whether expansion within the next few years is possible. It is much easier to build out on a property you own than to buy a new larger one.
When in the commercial real estate market, it is highly recommended to determine your budget ahead of time. The purchase price of a property on sale is usually the first item seen by prospective buyers and/or investors, and finding a price that fits your budget is essential. By looking into all possible purchase and investment options, you are covering all bases for your business.
Of course, simply buying and then owning a commercial property is just one way you can enter the commercial real estate market. Different commercial properties can offer other methods such as a loan, or even leasing through a self managed super fund.
Get the Right Commercial Finance with Ledge Finance
If you need commercial finance to purchase property or to fuel your WA business in 2022 and beyond, please contact Ledge. We provide complete financial solutions delivered with vision and integrity.
Please note the information provided here is general in nature and does not constitute financial, tax or other professional advice. You should consider whether the information is appropriate for your needs and seek professional advice prior to making any decisions.