Purchasing property is one of the most significant decisions you will ever make as a business owner. Because of how important this is, you’ll want to make sure that you’re as thorough as possible when it comes to examining your potential commercial space. However, this can be rather difficult as there are many things that you’ll need to consider when buying commercial property. This is why it’s ideal to hire property solicitors to help you assess whether or not there will be any potential problems when it comes to buying the property.
But if you want to try a more hands-on approach, we’re here to help you out. Here are a few things that you’ll want to watch out for when conducting your due diligence on a commercial property that you’re thinking of purchasing:
Fire safety should always be one of your top priorities. You’ll want to make sure that the space is equipped with fire safety equipment that meets any applicable legislation’s safety standards.
Aside from examining this and seeing for yourself, it would be best to request any assessment reports, statements, and compliance certificates to be sure that the property is up to par when it comes to fire safety. In case the property isn’t up to the standard, you’ll want to require the landlord to comply with any fire safety legislation before you push through with the purchase.
Depending on the nature of your business, noise restrictions can play an important part in the decision-making process. If your day to day operations can get noisy, you’ll want to make sure that the commercial property that you’re purchasing isn’t subject to any noise restrictions. The last thing you want is to cause problems for you and the neighbouring tenants.
You’ll also want to ask the landlord if there are any hazardous materials that you’ll have to deal with when moving into the property. This is especially common in old properties as they are more likely to have hazardous materials like asbestos. If you do have to deal with hazardous material, make sure to bring this up during your negotiations, as you’ll want to have them remove it before you push through with your purchase.
Ventilation is one of the most important parts of a commercial property, especially if your business deals with food and beverages. For this aspect, you’ll want to make sure that the property is abiding by laws concerning ventilation. Remember that having ventilation alone isn’t enough, as you’ll also need to make sure that everything is working properly. If repairs are needed, you must inform the landlord so that they can have everything repaired.
You’ll want to ensure that the space is accessible to both your employees and customers. In this case, you’ll want to inspect the space for ramps and elevators because not having either of these will leave your business inaccessible to people in wheelchairs. You’ll want to be extra diligent with these elements if you are purchasing a multi-level property.
Hopefully, this article proves to be useful when it’s time for you to purchase a new commercial property for your business. While this may seem like a lot of work at first, it’s important to keep in mind how important this decision is when it comes to the long-term success of your business, which is why you should follow the tips we’ve shared above!
Purchasing new property will require you to put in a lot of work. This is true when it comes to examining the property and putting together the legal documents needed to go through with the actual purchase. Fortunately, Springfield Legals can assist you every step of the way. If you are in need of conveyancing in Ipswich and Brisbane, contact us today!