If you are starting a new business and you are thinking about your workspace going forward, you may be interested in buying a space rather than renting. Buying your workspace means that you own it, and therefore have more freedom with the building, which may be necessary for your style of business. However, while you may have more freedom, there is always more required from you before you buy a property, which means that you have a lot to consider before making the plunge. Here are five questions to ask before buying a workspace.
Is this a commercial or residential building?
There are certain rules and regulations around properties, which may get in the way of your ability to make a particular building your workspace. It is important that you work with an estate agent who will know the best commercial real estate law to guide you through this process. Make sure it is apparent that you intend to work in your property, rather than live in it, as this may change the selection that they are able to show you.
Is it easily commutable for employees?
It’s all about location, location, location! While your dream business property might be out in the middle of nowhere where you aren’t likely to disturb anybody with noise or any other practical downsides of living near a business, you need to make sure that employees are actually able to get to their place of work. Make sure that there is a regular bus route with a stop that is near your place of work, to ensure that you are inclusive to your employees who don’t drive.
Are there any seasonal problems to be aware of?
Every house has its quirks, and unfortunately some of those quirks can become real problems when certain weather hits. You need to ask your estate agent if there is anything you need to know about this property before you buy it. These things may not be deal breakers for you, but there are certain steps you might want to take to prepare, for example you can keep pipes from freezing in advance if you know that this is a repeated problem in this property.
Will my work disturb the community?
The last thing you want to do when you move into a new area, whether you’re moving for your personal or professional life, is upset the new neighbours. If your business carries out work that might be loud or upsetting in a residential area, particularly if you are going to conduct that work outside of office hours, then you need to consider this when choosing the place you’re going to buy. It may be worth getting hold of the best sound meter that you can, so that you can get an accurate idea of how much noise your business is really making.
Am I going to need to move again?
If you are buying a workspace instead of renting, chances are you are going to want to make sure that this is somewhere that you can work forever. Moving can be incredibly stressful, especially when you are moving an entire business and all of its equipment and employees, so don’t settle for anything if you feel like you might need to move again in the future.
Have you ever considered buying a workspace as opposed to renting? What are the pros and cons for you? Share your experiences in the comments below.
