Published on July 30th, 2018 | by Kandace H0
5 Details To Look At Before Investing In A Building For Your Business Startup
Your startup company may stand a better chance of being successful if it operates from a commercial space as opposed to a home office. However, you should do careful diligence prior to investing in a commercial building. Let’s look at some details to consider before making your choice.
Can Your Company Afford It?
It is important to know how much it will cost to rent the space as well as insure it. Be sure to ask your landlord whether you will have to pay property taxes or other fees as a tenant. Prior to signing a lease, compare the costs incurred versus the additional revenue a building may provide to determine if it is worth investing in.
Is It Located in an Ideal Spot?
Ideally, your company’s building will be located in an area that both yourself and your employees can get to easily. It should also be in a part of town where clients and customers will feel comfortable visiting if necessary. As a business owner, you should know that where a building is located can also influence its cost.
Is the Building in Good Condition?
The building itself should be inspected to ensure that it doesn’t need any major repairs or upgrades in the near future. If it does, be sure to have a company on your speed dial that can do septic tank, plumbing or similar work in a timely manner. Plumbing and excavation companies may also be able to do environmental assessments on a property. Take a look at the site here for a company that can help with your septic tank problems.
Is the Building Big Enough?
As a startup, your goal is to scale the company as quickly as possible. This may mean that you will need a larger building within several months to a year after investing in your first space. Make sure that you have access to additional space if need be or a way to get out of your lease.
When Will It Be Ready to Occupy?
In some cases, you won’t be able to take occupancy of a space until weeks or months after agreeing to lease it. If you need the space quickly, ask the landlord if you can help expedite the process in any way. Paying a fee or agreeing to help with construction projects may help speed up the lease timeline.
As a business owner, you need to know everything about where your company will be headquartered before spending money on it. This typically means meeting with an accountant, an attorney and a contractor who can assess the condition of the building.