Buying business premises
Introduction
Businesses looking for premises will usually choose to rent, but there are a few specific circumstances when you may want to consider buying the premises instead - for instance, if you decide to open a small newsagent and want to live above the shop, or if you have formed a professional partnership and could use the capital appreciation to add to the firm's pension fund.
Buying premises 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 introduces you to everything involved, from choosing the right location to exchanging contracts. In Scotland this is known as concluding contracts. It also suggests where you can go for more help.
Subjects covered in this guide
- Introduction
- Buying your own premises: advantages and disadvantages
- Find a suitable property to buy
- Choose the right location for your business
- Making alterations to the property
- Costs relating to buying and operating premises
- Making an offer for a property
- Using a surveyor
- Using a solicitor
- Exchanging contracts on a property
