Whether you’ve recently started a Yorkshire business and are looking for a place to host your HQ or you’ve recently decided to move, buying a commercial property can be straightforward when you understand the process. So, to keep things hassle-free, here’s a step-by-step guide on how to buy a commercial property in Yorkshire.
Set a Budget
The first step in preparing to buy a commercial property is setting a clear budget. Determine how much you can borrow, how much you can contribute as a deposit, and how much you can comfortably afford in monthly repayments. This will help you narrow your search to properties that are realistically within reach.
With a wide range of affordable commercial properties available across Yorkshire, there’s a good chance you’ll find an option that suits your needs and aligns with your budget.
Find the Right Property
Once you’ve identified your budget, you need to start browsing properties. You can use sites like Rightmove or On The Market and filter properties based on location and must-have features, or you can speak to an estate agent who will help you find properties that fit your requirements. When searching, you should consider things like location (especially in relation to transport links), size, and running costs.
Secure Financing
When it comes to purchasing a property for your business, it’s not as simple as it is with domestic properties. Securing a commercial property mortgage requires considerably more work and most lenders require records such as business plans, bank statements, and accounts. You will also need to fund your deposit. For commercial properties, you usually need to put down between 20 and 40% of the total value.
There are other fees outside of the mortgage to consider too, such as mortgage advisors, solicitors, stamp duty (charges at 2% on properties above £150,000 and 5% on £250,000 and above), and insurance. Especially with insurance, it’s important to shop around for the best deals – luckily it’s easy to find a reputable insurance broker in Sheffield .
Complete Legal and Sense Checks
Once you’ve found a property and sourced the funds, you need to investigate the building itself to ensure there are no structural or regulatory issues. These will be coordinated by your commercial property solicitor and you will be notified if any issues do arise.
It’s also important to take the time yourself to check the property over, looking out for signs of mould or damage that could give you trouble further down the line.
Get Moving!
Once you’ve set a budget, found a property, organised your finances, and completed your due diligence, you can sign your contracts and get moving!
