For a contractor, buying a commercial Property is often the most expensive transaction in time and money.

It is therefore essential to research and plan the purchase to ensure that the Property meets the needs of the business while maximizing its equity.

It is never too early to begin planning. Whether the purchase takes place in six months or ten years, today is the perfect time to start planning as part of your overall business strategy.

Assemble a team of advisors
Business owners should build a team of trusted advisors with experience in commercial real estate transactions. This should include an accountant, a banker and a real estate broker specialized in the type of property sought (commercial, industrial or retail). Property investor builders Oxford

These advisors can, in turn, refer you to other experts, lawyers, appraisers, building inspectors, building contractors and environmental and geotechnical engineers.

Tips to keep in mind
Here are some tips for planning your purchase:

1. Determine the type of Property you need to do your business
Think about what works well in your current facilities and what is wrong. For example, is space, power, parking, and transportation access for employees adequate? Do you have enough space to grow? Will a new location attract more customers or save money?

2. Educate yourself meticulously about construction companies
Talk to former customers and go on site to judge the quality of the work done previously by the company. Then get several detailed quotes reminding you that the cheapest bid is not always the one that offers the best value for money. You must also plan a large sum for unforeseen events.

3. Identify the essential elements of the smooth running of your business
There will be essential elements and elements “pleasant to have”. You may have ambitious plans for your new premises, but you must be prepared to scale down if your budget becomes too tight.

4. Consider any capital purchase that may be required
Do you need to buy new machinery, technologies or equipment for your new establishment? We often forget to consider these elements in the overall cost of moving to new premises.

5. Budget site preparation and operating costs
It is rare for a business to be able to move to a new location and start doing business by snapping their fingers. In a nutshell, you’re moving into a larger space, with all the costs that entail, including potential improvements.

Do not forget the time expenses
While it is crucial for entrepreneurs to carefully plan the budget for the financial requirements of their real estate project, it is also important for them to be prepared to spend a good deal of their time and attention on it.

A lengthy and time-consuming construction or renovation project, coupled with a move, can weigh heavily on a business.

Business owners often have no idea how much time such a project requires, and that can really distract them from their business. That’s why it’s important to plan with the help of experienced advisors.