Businesses looking for premises will usually choose to rent, but sometimes it makes sense to buy business property instead.
Why buy commercial property?
Examples of situations where you would consider buying business property include:
- you decide to open a retail unit 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 business property may present additional challenges that you wouldn't normally face if you were just renting business premises. Finding commercial property 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 costs of buying business property and what to consider when you make an offer to buy a business property. There is also guidance on using a surveyor and using a solicitor when concluding the sale.
Structure your business
Name your business
Register your business
Choose your premises