Are you at the helm of a business and seeking premises for it? While some entrepreneurs in your position would choose to lease workspace, you might prefer the idea of buying a commercial property instead. After all, in many instances, this route can provide more freedom and flexibility.
That’s why we showcase an extensive selection of commercial properties for sale in Hamilton and throughout the broader Waikato region. However, before you do put pen to paper on a property purchase, you must undertake a process known as due diligence.
What is Due Diligence About?
Sometimes, there can be much more to a commercial building than what initially meets the eye. Unfortunately, though, this isn’t always good news.
Some properties you consider buying could turn out to have serious issues jeopardising their overall appeal. Some of these issues could be dealbreakers; others may justify you simply negotiating a lower price for the property. Not every issue with a property will be impossible to overcome.
Nevertheless, by conducting due diligence, you can pinpoint problems that need addressing or, at the very least, understanding before finalising the purchase.
Arrange a Structural Survey
It wouldn’t be convenient for you to nail down a supposedly bargain price for the building only to later realise that it is not structurally sound. The funds you invest in repairs could significantly diminish the financial advantage you gained during the purchasing stage.
Therefore, it makes sense to have a structural surveyor meticulously examine the building for defects. A simple survey wouldn’t be enough, considering the financial stakes involved.
Reach Out to Solicitors
There’s a lot to unpack when it comes to due diligence, leaving the process potentially daunting and exhausting — unless you unload much of it into solicitors’ hands.
A solicitor can check, for example, whether the building has tenants and, if so, whether they are keeping up with their rental payments. This legal professional can also clarify the precise nature of the legal title you would hold as the owner of the building.
There’s a lot you need to know about a building before you buy it — but we can assist you in garnering a wide range of crucial details about commercial property for sale in Hamilton and surrounding areas. Just call 07 838 3304 to enquire with our team.
