Have you ever looked around a property and decided it’s not right for you? From residential homes to commercial properties, working mums come into contact with a great deal of buildings which demand our evaluation so we need to know what we’re looking for.
In our professional lives, entrepreneurial spirit has reached an all time high with numerous home business and small start-ups formed but when moving your operation to a bigger scale you’ll need a dedicated commercial property.
Commercial growth
While the property market has fluctuated somewhat since the onset of the 2007 recession, growth in the commercial sector has been noted. A rise in SME’s looking for retail units is a potential catalyst for this change and some professionals are advising investors to consider moving from residential to commercial sectors.
According to one article, commercial yields can be 10% or even higher. While the market is fairly low at present, experts expect this to be the lowest point of the property cycle with an upwards trend predicted for coming years.
Size
In terms of your checklist, the first thing any working mum needs to look for in commercial properties is size. The trick here is to strike a balance. You need a property large enough to match your current needs but with room for future expansion. Many commercial properties are priced according to their size so it’s important you get a feel for your budget too.
Research
Next on the checklist is research. Without sufficient knowledge of what you’re doing a business venture of this magnitude could fall short. The advice from industry experts is to seek help from professionals and be fully informed. That means contacting local estate agents.
Your choice should be based on your location as those with local knowledge will perform best. When looking for examples we found Fenn Wright to be a great example with experience in both the residential and commercial field. Fenn Wright Commercial property estate agents Chelmsford, for example, are the perfect option for those interested in properties in this part of Essex and returned plenty of viable results.
Flexibility
Many commercial landlords are more flexible with their rental agreements as a reflection of the current economic situation so never be afraid to negotiate. A more engaging relationship often exists between tenant and landlord where commercial properties are involved so you may be surprised at your success.
Location
As with a residential home, location is a key factor. Not only should the geographic location be tailored to your current place of residence but you should be in a prime position for trade, targeting your catchment area with close proximity to vital services and transport.
It’s not just tenants who are advised to stay local either – investors are being given the same advice. Damian Lloyd, a commercial property agency director, explained “small investors should look at their local area” as it gives them a better idea of local supply and demand and that means your landlord could be your neighbour.