Businesses looking for premises will usually choose to rent, but sometimes it makes sense to buy business property instead.
Why buy business property?
Examples of situations where you would consider buying premises include:
- you decide to open a small newsagent and want to live above the shop
- you have formed a professional partnership and could use the capital appreciation to add to the firm's pension fund
Buying property rather than renting can present difficulties. Finding commercial premises to buy with vacant possession is difficult. Commercial mortgages are over a shorter term, so repayments can work out higher than rental costs. You should weigh up the decision carefully.
This guide covers the financial and legal aspects of buying your own business property, including exchanging contracts. It also suggests where you can go for more help.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC