The following information summarises the key considerations when leasing or buying offices and commercial premises.

LEASING COMMERCIAL PREMISES
With advancing technology, many of us cope well with working from the spare room. Some freelancers need a studio to accommodate equipment, but others will require "visible" premises to attract passing trade. Everyone seeking premises will have the torment of trying to find somewhere suitable without overstretching the start-up budget.

Practical Considerations
A lease is a rental agreement, usually over several years, so shorter leases on commercial property can be hard to obtain. A licence is a temporary rental agreement. This will be one of the most important decisions you make, so draw up a comprehensive checklist. Here are some considerations for leasing premises:

Insurance
You may also need office contents insurance (check with your landlord what's included in your contract).

Budget
Spend too much and you will restrict funds for other areas of your business. However, spending too little reflects in your office's appearance, affecting your credibility. Away from main roads, commercial rent is generally lower.

Location
Take into account the location from a business point of view (road communications, effectively servicing clients, proximity to suppliers and constraints of commuting).

Size
Obviously, this depends on the nature of your business. Allow enough room for growth.

Security
Ensure the building is secure and ascertain who has access.

Parking and Access
Customers' parking and access for deliveries.

Services
Think about heating, lighting, air conditioning, phone points, broadband, burglar alarms etc.

Physical environment
Bear in mind aspects such as well maintained premises with a suitable layout and good working environment (not cold, noisy or dirty), with adequate natural light.

Lease: Terms and Length
Determine the answers to the following:
How long do you want the premises?
What are you responsible for in terms of maintenance?
Is it worth paying for a survey to negotiate that the landlord pays for any immediate repairs needed before you sign?
Is there a break clause to allow early termination?
What about rent review dates?
What is the commercial property market like? If other local premises are empty use, this to negotiate lower rent.

Crucially, get a solicitor to examine the contract. Potential landlords may subject you to greater scrutiny as a start-up. Your solicitor will help you understand a personal guarantee� and how to avoid it.

Small Business Centres
Business centres will provide useful facilities such as reception and secretarial services that will not only help with the workload but should create a professional perception of your company.
Serviced premises, such as the business centres are available under a "licence agreement" as opposed to a lease. If you need space away from home, you may prefer the straightforward nature of a licence agreement, which you can usually terminate at a month's notice.

Virtual offices
Some companies provide office services and meeting rooms when required.
They answer the 'phone in your company's name, provide a postal address, forward all mail and relay 'phone messages by email. This keeps your home contact details private.

BUYING COMMERCIAL PREMISES
Buying a property involves greater risks and financial commitment than renting premises.

Advantages

1. Fixed overheads help you budget and control spending.

2. You have more control over the management and repair of the building. You can modify and redecorate it as you see fit (subject to planning regulations).

3. The value will probably increase over time, making it a good capital investment.

4. You could let the property in the future. If business needs change or you decide to move, the property could provide an alternative source of income.

5. It is probably cheaper than renting. Financing a mortgage often requires a lower monthly outlay than renting a similar property.

6. If you choose to move, you are not bound by rental notice clauses.

Disadvantages

1. It is not easy to move or give up premises. This makes reaction to change difficult, because of the time taken to sell.

2. Commercial lenders require larger deposits than residential mortgages. This capital could otherwise be invested in your business.

3. You have sole, total responsibility for the upkeep / security of the property. Current knowledge of legislation regarding fire, accessibility and health and safety issues is required.

There are Numerous Ways to Find Commercial Premises, including :

Commercial property agents:
Such agents promote and offer commercial premises for purchase and lease. Premises offered may include offices, shops, factories, warehouses and land designated for commercial use. Agents can work on behalf of the current property owner or for the prospective buyer.

Internet searches:
There are numerous commercial property search engines, including ones that specialise in retail or office premises. Many newspapers include commercial property supplements. These carry advertisements for properties for sale and lease, plus details of local property agents.

Checking out the Building
The property particulars from the sales agent will provide only a starting point for your assessment of each potential property. Look around the building yourself, visiting on different days / times to get a feel for passing trade.

Planning Permission and Legal Compliance
Examine the possibility of planning permission, as you may wish to alter the property at some point in the future. Consult the local authority about any restrictions on future developments to the business.

The Building
If unattended repairs cause significant deterioration, the property may prove difficult to sell. Identify and estimate the cost of rectifying defects at the outset. Backed by a survey, you can negotiate a lower price, or ask the owner to rectify any problems. A surveyor will also be able to advise you regarding future alterations to the premises.

Get Professional Advice
Talk to property agents and neighbouring businesses about the character of the immediate area.The local Chamber of Commerce or council may be able to provide a detailed report on the area if you are not familiar with it. A full structural survey of the external and internal structure of the property is expensive, but essential. If an existing survey is made available, check that it is up to date and that it has been conducted by an accredited professional surveyor. An independent valuation should also be carried out. Don't rely on any lender's valuation of the property, which may be based on the security of their loan amount.

Further Information
http://www.freelanceuk.com
http://www.mlpsurveyors.co.uk
http://www.is4profit.com
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29 July 2010
Italian Style Restaurant..
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