Save time house and office hunting

Running a business and hunting for property tend to be mutually exclusive activities.

Both are time-consuming and demanding, and one or the other is likely to end up starved of your attention.

Buying agency Black Brick explain in today’s sponsored post how you can streamline house and office hunting, leaving plenty of valuable time for your business:

Know your budget
Before you even get started on a property search, free up a couple of hours to go over your finances. We tend to carry totals in our heads, having a rough idea of income and outgoings, overheads, and other commitments, but when you’re looking at a major investment you need more than a rough idea.

If an accountant takes care of your finances, you could involve him or her in the budgeting process. Otherwise, arm yourself with a pen and paper to reach a figure you can realistically afford.

Get finances organised
Once you know exactly where you stand financially, you’re in a much stronger position to approach a lender should you need a mortgage or business loan. Presenting a breakdown of current commitments not only demonstrates professionalism and a responsible attitude, it saves time getting this information together later.

The other positive in getting finances organised early is that when you approach a seller, they know you’re ready to move.

Understand the ‘extra’ costs involved
Any property transaction, for business or personal use, and whether renting or buying, involves more financial outlay than the purchase price or monthly rental:

– Will you pay stamp duty?
– What interest rates will be payable on loans or mortgages?
– What will conveyance and selling fees be?
– How much will removals cost?
– Will the property need modernisation or renovation?
– If you’re renting offices, what services/charges are included?
– How much deposit, or security bond, is needed?

This list isn’t exhaustive, so don’t be afraid to ask your solicitor, estate agent, or anyone else involved, what you can expect to pay. Knowing will save time and potential heartache or financial speed bumps down the line.

Know the market
There is no substitute for first-hand market knowledge. When you know current local prices in your area of interest, your negotiating position is stronger and, when you know the price is right, your decision-making is more confident.

As well as your own local knowledge, look up price trends online and pay attention to development plans such as infrastructure improvements or new schools or shopping centres. Improvements such as these indicate the area may be in for a growth spurt, which could increase prices in the future.

Limit your options
Having too much choice can be as bad as not having enough. You can save time during the search phase of house and office hunting by signing up for notifications of suitable properties at online property websites. Registering your interest with local estate agents should also be high on your list of priorities. You’ll still spend time searching, but you’ll also get an early heads up when new properties come on the market.

Use the services of a buying agent
Buying agents work on your behalf, unlike an estate agent who works primarily in the interests of the seller. A big advantage buying agents have is their deep local knowledge and extensive networks. Often, they’re among the first to hear of properties about to come on the market, and have even been known to persuade owners to sell properties not currently available. They’ll do all the legwork for you, leaving you to get on with business.

Trying to do everything yourself is a recipe for stress and rushed decisions. Bringing on board as many experts as you can and putting financing in place early is the way to more relaxed and profitable house and office hunting.