Finding the right office space to invest in can be difficult. After all, they’re hefty investments to make, so all the proceedings must be thought out carefully with every action taken cautiously. Many have long called the viability of the property market into doubt, which is telling of how turbulent the arena can be. With a swirling whirlwind of ‘if’s and but’s’ dogging every move you make; real progress can feel hard to come by.
Therefore, if you’re struggling then
here’s how to make a quality investment in an office space.
First, you need to ask yourself; how will you invest? While it’s certainly admirable to strike out and own some property, it’s equally as important to live within your means and your budget. If you start playing games with money that you don’t have, you’ll crash and burn whether you’re like it or not and your finances will take a huge hit. To begin with, be sensible.
For example, if you’re strapped for cash, try to avoid a direct investment in an office space; i.e. buying all, or a share of, an office space. While it has the potential to produce high returns in long term leasing contracts, it also means you are rooted thick into the action, burdened by more responsibility and need to somehow survive during long periods when the office is vacated by tenants or you want to sell. Maintenance issues will be brought to your attention and you’ll be expected to fund all fixes. Therefore, only make a direct investment if you’re certain you’re financially capable of withstanding the bleaker times.
An investment this big was never going to be free of legal constraints. They’re tough, but fair, so it’s important that you understand what’s expected of you by law before you part ways with your cash. After all, if you’re found to be dodging certain fees, you’ll quickly find yourself either in crushing debts or lined up for prosecution.
For example, additional fees may be incurred by law while making your investment; stamp duty, VAT, and estate agent and solicitor fees. There are no corners to cut here, as all the money contributes toward authenticating your investment and paying bonified businesses for their services. Therefore, you shouldn’t make any investment into an office space until you are certain you can cover these costs.
Right Place, Right Time
To discover the best of the commercial property pool, you’ll need to cast your net far and wide. Any crucial investments like this one benefit greatly from research, so it’s very important that you explore every nook and cranny you can of the commercial property market. Only when you know the rates arcan you then begin to pluck out the most favorable deals!
Consequently, you can do some of your research by utilizing Allsop’s digital property auction, helping you secure great deals at commercial auctions. The next auction dates are clearly listed as well as guidance on how and when to make your bid, giving you enough time to plan. Moreover, they provide an intricate market review, so that you can assess for yourself whether it’s a good time to make an investment. In the end, the best decisions are those that are informed.