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What To Consider When Buying Your First Office

By Jamie Richardson | August 10, 2018

Your business is growing and developing and you are now looking to buy your first office to allow it to truly expand! However, before jumping into any decisions, you need to know that there are lots of factors to consider when buying your first office, so your business has the best opportunity of thriving. While the cost will play a huge part – after all, while unsecured loan services are available in personal financial emergencies, you’ll need to find alternate methods for business expenses – everything from the location to the style of the office are important to consider too. The following should be able to help you get on track to expanding your business in a new office!

commercial office space

Think carefully about where you ideally want the location of your office to be. You’re likely to want to have clients visit regularly for meetings, so will need to ensure that it is a location that you want to bring your clientele.

Consider the transport options to your office. Your employees are going to want the simplest journey to and from work, so think about locating your office near a train station or bus station. Not only will it increase their work moral, but it could also make it less likely that they will be late due to public transport. Another benefit of this is that your employees are more likely to stay working for you for longer, due to the easy commute. Of course, some of your staff still may have a long commute, but do the best you can to situate your office in an appropriate place for them.

Additionally, if the option is there, a car park would be perfect. Not only will this provide easy and free parking for your employees, but it will give a professional, organised look for your business when your clients come for meetings.

Use Your Head
Firstly, don’t choose the first office you see. Ensure that you look around a few in order to weigh up the disadvantages and advantages of each, as well as giving you a chance to see what you actually value in an office for your business to be a success. Secondly, make sure you do your research. You need to research whether buying an office with a mortgage is really what you can initially afford, or if renting would be better for you in your current situation. If your business is well-established with the potential to grow then it is worth investing. On the other hand, if your business is fairly new, then you might want to consider renting in the short-term.

Have The Property Surveyed
Don’t settle for a basic survey - ensure that you have a full survey carried out by a professional before purchasing the property, especially when you are spending rather a lot of money. A full survey is a sensible precaution to take to check for any problems and will give you the opportunity to decide whether to say no to an office, or to determine whether any work needs to be done by you or the landlord before you move your emploees and equipment in.

Budget And Remember The Deposit
It's all very well having the money to buy or rent the property, but don’t forget that you will need to budget for furniture, bills and the long-term upkeep. Put money aside in the bank so if a problem arises you are ready to instantly solve it. The deposit can be quite large on a commercial property, so make you have the money available before you make an offer.

Buying your first office is going to be exciting as well as being challenging at times. Don’t rush into it and do it when the time is right for you and the business. You need to know that there is a lot to consider when purchasing the office, so do the appropriate research and take all the factors into consideration. Plan for unexpected events where possible and have money away in a bank.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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