7-Step Guide To Getting Your Business Premises

A simple guide to getting the most suitable premises for your business.

1. Understand The Real Estate Market

• The real estate property market usually lags behind general economic trends.

• As a result, prices can be relatively high even when the economy is facing a downturn. As a buyer, it is important for you to be well-informed about property market trends.

See:	Property Market Information

2. Decide On A Type Of Property

Choosing a suitable type of property will depend on your specific business needs. When deciding on a property, you may want to consider the following:

• Type Of Business Activity
  This affects the choice of property suitable for your business activities. Industrial properties mostly include manufacturing spaces while commercial properties include office and retail spaces.

• Location
  This depends on your need for proximity to your customers, suppliers, central business district, and so on.

• Relevant Codes And Regulations
  This may affect building plans.

• Budget
  This determines the property that you can afford.

• Buy or Rent
  This depends on the way you want to structure your asset portfolio, your budget and most importantly, your business plan and strategy.

• Terms and conditions relating to purchase/rent

3. Get Professional Advice

• The easiest way to find out more about a property is to enlist the help of an agent, consultant or developer.

• They can provide information on available properties in the market, advise you on market prices as well as assist you in the procedures for obtaining a property.

4. Carry Out Due Diligence

• Before taking any action, you need to carry out due diligence as the real estate market operates under the principle of caveat emptor (i.e. buyers beware)!

• Some of the things to look out for include:
  
  
  • ensure the seller's title is complete and free of mortgages, easements, and so on
    
    
  • inspect the land for pollution
    
    
  • check Government development plans for possible redevelopment, road widening, etc.

5. Close The Deal

• A lawyer will be able to assist you in conveyancing matters such as drawing up the proper terms and conditions, and ensuring proper deed transfer.

• You may also have to register your deed with the Strata Title Board.