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5 tips for buying a commercial property

Blog by Marcie Panah BSc, MA Personal Real Estate Corporation | February 22nd, 2017

1. Find out what kind of a building you need for your operation

Think about what works in your current space and what doesn’t. For example, do you have enough space, enough power, enough parking and enough access to transportation for staff? Is there room to grow? Will a potential new location bring more business or save money?

2. Do your homework on construction companies

3. Pinpoint “must-haves” to operate your business efficiently

There will be must-haves and nice-to-haves. You may start out with ambitious plans for your new premises, but you should be ready to scale back if your budget starts to get too tight.

4. Consider what additional capital purchases will be necessary

Do you need to buy new machinery, equipment or technology in your new location? These items are often overlooked as part of the overall cost of a move to new premises.

5. Budget for the preparation of your new location

It’s rare that a business can move into a new location and just start operating. Put simply, you are moving into a larger space with all the associated costs, including potential improvements.