5 top tips when looking for a new business premises

07/10/2019 /
by
Electric Radiator Solutions Team

Tips when looking for a new business premises

Looking at properties for your commercial premises can seem like a stressful job. Here at Electric Radiator Solutions we take a look at 5 handy tips to think about before you get started.

Rent or Buy?

First thing’s first when looking at a premises for your company, is whether you want to rent or buy. Both options come with many pros and cons. If you were to rent, you are investing less capital in the property and if you decide to relocate in the future, it’s much simpler to end a lease than it is to sell a property. However, if you decide to buy, you have more flexibility to manage the building how you want too, for example completing restorations that could potentially increase the value of the building in the future.

Hidden costs

Renting a premises appears to be the most preferred way when it comes to finding a place for your business, and although this offers many benefits, there are hidden costs to look out for.

If you are thinking of renting a commercial property, it’s advised that you begin looking at least 6 months in advance, so you don’t feel rushed into making a decision that you regret in the long run. This also gives you time to negotiate once you do find the perfect premises for your business needs. You can start by researching similar properties to compare rent prices so you know what to expect. Many landlords will require so many months of rent payment up front as a deposit which can be quite a hefty sum if you’re not expecting it. In most circumstances, the initial rent payments won’t last forever and are likely to increase over time. In the beginning, it is best to negotiate a fixed term for how long your initial payments will stay at that price for, as well as setting limits for the highest amount of rent you will be willing to pay in the future or agree on the increments.

Landlords can also add VAT on top of your rent charge, so ensure you discuss this first so there are no surprises once you come to signing the agreement. Similarly, there can be many additional charges when renting any property such as administration and/or legal fees so be sure to discuss this all with the landlord or estate agent beforehand.

Although you can’t be sure what the future holds for you and your business, a lot can change over time so it’s best to be prepared for this. Push for an exit clause in your rental lease for security in case you ever need to end the tenancy abruptly. That way you won’t incur additional charges that many landlords and estate agents will be happy to pursue.

You may also be eligible for assistance with business rates. For example, the Small Business Rate Relief (SBRR) scheme provides some small business owners with rate relief. It’s worth looking into!

Space and Renovation

The space and layout of your property is definitely something to be cautious of, especially if you’re going to rent the premises. If you’re intending to buy the property, you should be able to renovate or completely rework your space, but make sure to research first if there are any potential restrictions to doing this, such as the likelihood of having planning permission accepted.

If you rent, this could be a little bit more tricky, as most leases state that the building should be in the same condition when you leave. When you are negotiating your rental lease, if you feel the building is in need of repairs, it may be possible to agree a period of time rent free, to compensate for the expenses of getting the property up to scratch. Some landlords may be happy for you to complete renovations whether it be to spruce up the building or adding extensions for a larger space, but bare in mind you’re putting your investments into someone else's pocket! It’s best to look for a premises that is suitable for your business needs without having to fork out to make adjustments.

Facilities

Once you’ve found the perfect building, be realistic in ensuring the facilities are appropriate. This will vary from business to business dependent on need. We’ve spoken about the size of the property and ensuring it is satisfactory for the time you are planning on spending within the property, but what about everything else? Consider if the layout of the building works for your business. Have you considered how many rooms you will need; a kitchen, some toilets, meeting rooms? If the premises will be visited by customers, do you need an area for parking and is the building easily accessible for those with disabilities? Ensuring all the heating and electrical elements are in good condition are important too so you don’t end up with additional costs down the line.

Heating and Ventilation

Whether the premises is solely for you, your employees or for customers too, you need to ensure your heating and ventilation systems are adequate and efficient to keep your outgoings as low as possible. Electric radiators are a great heating source that do just that.

Electric radiators are easy to install, so there’s no need to pay out for installation. If you do consider extensions on the property, you don’t need to mess about with the gas central heating, you simply purchase your new radiator and plug it into the wall. Similarly, when it comes to maintenance, if a radiator becomes damaged, it’s only one radiator you need to replace instead of a whole system; although they are very reliable in comparison to gas systems so it shouldn’t be very often that happens anyway. It means you will still have heat throughout the building if there is a fault in one radiator, so business can continue as usual. They also offer independent heating abilities. This means that if only one room is in use at a time, you can turn all the other radiators off and just leave the one in use on, saving you bundles in your energy bill. Electric radiators are 100% energy efficient, resulting in no wastage and only paying for what you use - another way to save on costs.

You can also promote that your company is doing its bit for the environment as they don’t emit dangerous toxins. You can now also purchase electric radiators in a variety of sizes, colours and styles and the advanced technology systems that are incorporated will make any premises appear sleek and modern. Electric radiators definitely mean business.

If you need additional help with heating your office or workspace, get in touch with the friendly and knowledgeable staff at Electric Radiator Solutions - Experts in how electric radiators could enhance your new commercial premises.