Tag Archives: Commercial Property

Tips to consider when buying a property

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Buying property is a huge step as it is most likely one of the most significant investments you will make in your life. An investment, that you will want to be able to make the most out of down the line should you want to sell. Therefore, you want to make sure that you not only stay within your budget, but that you also buy a property that has potential. There are many legality and financial aspects that come with buying a property. It is always important to seek the advice of a professional when considering a property to ensure you are getting a good deal. However, there are also some other aspects to keep in mind as well so we have listed some tips to consider below that will hopefully help you towards buying the property right for you.

Buying Property Tip #1 – Do your homework

Knowing the property market, what is available and what that particular area is like are just some of the areas where you need to do your research.. Depending on whether you are searching for a long-term home or an investment you may want to sell down the line, it is important to consider the potential of the property, the area and what will it be like years down the line? Consider the safety, i.e. crime rate in the area, do you want to grow kids up in the area, what are the people like, what surrounds the area etc. There are many considerations that need to be thought of to make sure that not only the house itself, but its location and positioning ticks the right boxes as well. Make sure you know how much you can afford before agreeing to any asking price. Consult with your bank and only after you have received approval for a mortgage should you take any steps towards making an agreement with another property owner.

Buying Property Tip #2 – Carry out a structural survey

While with new and mid-aged homes this may not always be as necessary, but it is important to consider carry out a structural survey on any home you are considering buying. Although this may eat into your budget, it can potentially save you considerable money and time. If you are looking at older property, then carrying out a structural survey is essential.

Buying Property Tip #3 – Ask questions and be firm

Always ask as many questions about the property as possible. Find out why the property is on sale in the first place. Make sure you understand what comes with the property, many homes on show are presented in such an attractive, beautiful way; but should that all the gone it might be a completely different picture. Never agree or offer the asking price. Remember that estate agents and/or owners will always add a bit more onto their asking price because they know that buyers will always offer less. So don’t be afraid to take a risk and offer a cheeky price. You never know, you might be pleasantly surprised. Remember to never let your emotions get in the way of your judgments. Estate agents and sellers are going to be as savvy as they can when it comes to selling their property so you need to have your wits about you and always have your eyes open so that you are fully aware of all aspects of the property before making an offer.

These are some tips to keep in mind when considering buying a property. Buying a property can be the best decision you ever made or the worst. It is a huge investment so you need to be certain you have covered all the bases before signing any contract. We wish you the best of luck and hope you find the property you are looking for!

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Selling Commercial Property

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More people are investing in real estate property than ever before. It is very important that you think critically when selling your commercial property because if you go about things the wrong way it can cause you to lose money.  Selling your commercial property can cost a fortune and be quite a daunting task, especially for the first-time seller. However, there are a few tips you could use to keep expenses to a minimum and have a successful sale.

Advertising Without Spending A Fortune

Listing your property online is a free way of getting your advertisement out to people. There are many online classifieds that allow free ad posting and often will let you list your properties in bulk without restrictions. There are sites which do charge a small fee for advertising with them but this can often work out in your favour as they generally would generate more successful sales. Also, this small fee is nothing compared to the amount of money you would pay in commission when selling your commercial property through an estate agency.

Most areas have a free local newspaper or publication. These usually have a section in which properties for sale are advertised. You could contact the publication and find out if they would publish your advertisement free of charge. If they do charge a fee, then it would usually be quite small.

Another great idea would be to invest in a quality “commercial property for sale” sign. This is a great way to create interest in and excitement around the property. It would be especially effective if you are situated on a major road that experiences a lot of traffic. The sign would then inform people who have not gone through online sites or the local newspaper for commercial properties for sale. If you wish to successfully sell your property, then you should explore all available advertising options both online and offline.

Hiring A Broker

If you feel you’re not experienced enough or don’t have the time to put into trying to sell the property, then you can hire a broker or commercial real estate agent to do it for you. This is of course not the best case but losing some of the profits to a broker is much better that not being able to sell the property, not getting a good price or losing money to taxes.

There are many sites which list and provide information about different property brokers in different areas. By doing a simple search online you can find a professional who will be able to assist you with the sale of your commercial property. You should never be too proud to ask for advice or hire a broker, especially if it your first sale. You will eventually learn how to go about it and all the legalities involved and then you would be able to handle sales without the involvement of a property broker.

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Renting Commercial Property

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While working from home is a great idea if you only need a small amount of space, it is not an option if your business requires a big work space. You would then have to consider renting or leasing a commercial property. You should bear in mind that a lease is a legal document and you should be very sure you understand everything in the document and you are happy with everything before signing anything.

There are many pitfalls to be wary of, but by following some simple guideline you should be well on your way to successfully renting the right space for your business. The most important thing you should do is to make sure the person you’ll be renting from is in fact the legal owner of the commercial property.

Tips And Advice For renting Commercial Property

When considering a certain property you should investigate the property’s suitability and fitness for the purpose you intend to use it for. You need to find out who is insuring the building and what is covered. You have to check whether the building meets fire, health and safety regulations as well as whether the building meets the access requirements of the Disability Discrimination Act.

Always make sure the property has the correct classification of use for your business before signing any lease documents. It is extremely important that you find out who is responsible for internal and external repair and maintenance. Also, make sure you are only responsible for maintaining the property in its current condition. If you don’t, you may be liable for damages that occurred before you occupied it.

You should always be clear on exactly what the costs and charges are and why you are paying them. Find out how much the rent is, when and how it needs to be paid. Also, ask if it includes rates and if it does not, then you need to ask how much the rates would then be. You should also inquire whether or not the rent includes any building insurance, utilities, service and maintenance charges and how often will the rent be reviewed.

It is very important that you consider the practicalities of working on the property every day. Find out if you can access the property whenever you like or if there are restrictions. Make sure the premises provides a suitable and comfortable working environment for you and your employees. It should also be safe. It would also be a good idea to find out whether or not you can sublet any space you are not using.

The next thing you should look at is how the lease renewal process would work. If it is a long- term agreement, then you should find out if there are any break clauses where both parties can consider whether they would like to continue with the arrangement. If it is a fixed term lease you will have to pay all the costs up until the agreed end date of the lease, even if you are no longer trading.

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Commercial Property Development

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If you are considering making commercial property development your new career, you should take a few things into consideration. Research is extremely important if you ensure the commercial property development project you decide to take on is a profitable one. While this career path can be stressful, if done correctly, it can be an extremely lucrative one.

Good organization and analytical skills will truly benefit you as a property developer. You should also be able to cope well under pressure as there can be a lot of stress involved. This articles discusses a few things you should take into account as you start your career as a commercial property developer.

Before Visiting Potential Properties

The first thing you should do is consider what type of commercial property interests you the most. At any given time there is a wide range of properties available in a certain area. It can be overwhelming when you look at all the investment and development opportunities in an area, but if you narrow down the field it could be much better for you. Think about whether you are more interested in retail spaces, office spaces or apartment complexes. Research what are the different challenges associated with each one. Once you have made your decision, your search will be a lot more specific and a lot less overwhelming.

Always look for and work with professionals who have relevant experience handling the kinds of properties you would like to buy. By contacting a real estate professional with relevant experience, they would be able to advise you regarding the which areas are best to invest in, which are suffering and which are most likely to increase or decrease in value.

Visiting Potential Properties

When you go and have a look at a potential property it is very important you have a look at the area the property is in as well. Try not to buy in an area if you see many run-down buildings or a large number of empty residential or commercial units. If an area is facing economic strain it may be hard to locate or keep tenants and reselling the property at a later date may also be difficult.

If you are happy with the area, you should thoroughly inspect the building. It would be a good idea to take an experienced professional builder with you who knows what to look for. If you plan on keep the existing building and just making minor changes to it, you should be completely sure that the structure is in a sound condition. Make sure you check for faults in the electrical system, plumbing system as well as in the structure itself. If you plan on making major changes to the property, then make sure there are no building restrictions in the area. For example, some areas have a height restriction that could be a major problem for you if were planning to build a five- storey apartment block.

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Buying Commercial Property

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As a business owner, there will come a point when you would probably have to buy commercial property for your growing business. Buying a commercial property is always a better option than renting one. It is highly recommended that you buy your own business premises as soon as you have a down payment ready. By doing this, you will no longer be throwing away your monthly lease payment, but instead you will be building equity in an appreciable asset.

While the task of buying a commercial property can be quite intimidating there are a few things you can do to make the process faster and easier. Once you have completed the process of buying your first commercial property, it will become much easier for you to do so again in the future. This is because you would have learned what worked and what didn’t quite work for you during the process of looking for a property to buy, getting backed by a lender and securing the property.

Tips & Advice For Buying Commercial Real Estate

The first thing you should do is to get organized. Almost all competent lenders would be able to give you a checklist if their needed documents immediately and you could then make sure you have everything you need to secure a loan.

It is also a good idea to get pre-approved. This will save you time by knowing what you can afford and what your budget is while searching through commercial properties. Most lenders are extremely efficient and accurate with pre-approvals, provided you have given them the correct documents. You could even have a result in as little as 24 hours. Try to only work with a commercial specialist. Dealing with a lender that specializes in commercial loans will save you time and money in the long term.

You should consider buying a commercial property with more space than you actually need right now. While your business can eventually grow and use this space, in the interim you can rent it out and get some rental income. You should also consider including the cost of furniture, fixtures and equipment when calculating the loan amount you require.

It is a good idea to use a knowledgeable commercial realtor to find your new property. As a business owner you definitely don’t have time to drive and view hundreds of different properties. A competent realtor will search for you and only show you the select few properties which meet your business requirements. This will save you a considerable amount of stress as well.

If you cannot afford to buy the commercial property yourself, consider partnering with another business. You would then gain the advantages of commercial property ownership while you share the equity requirement with another. Remember to always use good judgement when partnering with someone else and make sure you clearly stipulate the buy-out provisions in your operating agreement ahead of time. This will help any solve any disputes and disagreements that may occur in the future.

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What Is Commercial Property?

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Commercial property can be defined as real estate for use by office complexes, shopping malls, restaurants and other for- profit business. It is classified somewhere between residential property and industrial property. Many people buy and develop commercial property and then sell it to make a huge profit. While the building process may be long and stressful, it can be an extremely lucrative career.

Selling or leasing commercial property is generally the same as the processes involved with selling or leasing residential property. The real estate agent may advertise the availability and size of the commercial property by erecting signs and placing advertisements in newspapers. Usually arrangement may be made to lease or buy smaller lots or parts of the commercial property advertised. Sellers may even sometimes agree to make improvements to the property as part of the terms of the sale. This could include things like clearing unwanted trees, grading off uneven spots and repairing the plumbing systems. Professional developers often purchase big areas of commercial property simply to guarantee its availability for future projects.

Zoning Laws

Zoning law are laws which regulate the use of property within a certain cities jurisdiction. City maps will clearly show the different zones allocated for industrial, residential and commercial property. If you are thinking of a career in property development, you should know that before you go ahead and build a new office complex you need permission from the city government. They would have to determine whether or not the chosen area is indeed commercial property. If the area of land which you intend to develop into an office complex is in an area zoned for commercial use, then the city will allow the sale to proceed. However, if any part of the land you intend to buy is in a residential or industrial zone, then you would have to seek a “variance”. This is special permission granted to you to cross over a zone boundary.

These zoning laws are in place to prevent conflict between residential homeowners and businesses. It is very rare to find land designated as commercial property in the middle of residential zones. You will usually find that city planners encourage commercial businesses to set up their businesses along busier streets as this helps to keep traffic to these sites manageable.

There are some areas on city maps that can be designated for “mixed usage”. This means some commercial property may also be used for residential purposes. An excellent example of mixed usage would be a small shopping area at ground level with apartments on upper floors. Some commercial property definitions may also include industrial usage. In this case, there would be zoning laws which regulate the level of industry permitted. The few commercial property zones in the city which would allow for light industrial usage would usually have stipulations regarding emissions and transportation needs of the business. Heavier industries would have to look at purchasing property in unincorporated areas or on the fringes of cities.

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Functional design and style in building construction

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After the building construction has been completed and all the necessary checks and assessments has been done by the authorities an occupancy permit is issued. The building is now ready for human occupancy and people can start moving in. Occupancy without the permit might lead to bad consequences because the there might be something wrong with the building.

A completed building is under regular inspection by the local fire safety department to ensure continuing adherence. Regular fire safety and fire prevention and fire fighting classes can also be offered. Penalties can be apportioned to those companies neglecting this aspect of their buildings.

Architecture in building construction

Architecture plays a central part in designing and building up structures of different kinds and styles. It is used to give buildings character and style and works to differentiate one building from the other. This is a very technical aspect of the building process and requires technical skills to enable the person to do the work.

A person usually spends about five to six years in training at a tertiary institution to acquire the hard technical skills required. The regulation of the trade is necessary to ensure that quality standard are created and maintained. Hence in order to carry the title of Architect the person has to hold charted status which is acquired through board exams.

Architecture can also be represented in furniture and fitments and decorations to bring the building to life. Most of their services are outsourced and they usually play consultant roles to both private individuals as well as companies. They can also be drafted into teams of building professionals under one roof to complement other skills such as civil engineering and environmental engineering.

Civil engineering as part of building construction

Civil engineering is responsible for the design and construction and also the maintenance of civil structures such as buildings and roads. It is used on a large scale in big construction projects that usually change the physical space of an environment. Such projects typically affect large numbers of the citizenry and tend to cause temporary public inconvenience.

Because of the nature and scale of the work involved this discipline is traditionally broken into segments. Among them are urban engineering and coastal engineering and materials engineering as well as environmental and construction engineering. All these converge to complement each other and make the finished structure complete and balanced.

This process can take place both in the public sector as well as in the private sector. The public sector consists of structures such as bridges and airports and dams. The private sector consists of things such as home swimming pools and extensions to existing rooms of a family house.

Building construction involves the interface of fixed structures created by human beings with the environment. It requires strict regulation and control to ensure that preventable mistakes can be prevented. Professional codes prescribed by industry bodies as well as the government guide and police engineers to ensure that their actions do not lead to potentially devastating consequences.

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Building construction and compliance to regulations

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Building construction projects must adhere to building codes to ensure compliance and the prevention of negative consequences. Local authorities are available to help with this process and permission is granted if the project is considered safe to commence. This is to prevent future incidences that can result in a loss of life such as building collapses and fires.

Adhering to zoning considerations is also important because it ensures that buildings and activities of a similar kind are grouped together. Residential areas are preserved and kept together while industrial areas or commerce districts are also grouped together. This prevents one type of activity interfering with the spatial and other requirements of the other.

A proper contract between the client and builder needs to be entered into to ensure both sides know their rights and responsibilities. The client can have recourse should the builder not meet certain expectations. The builder in turn can have recourse if the client starts having unreasonable expectation.

Tendering in building construction

The tendering process is necessary if different aspects of the project are not being handled by a single company. Suitable providers in terms of quality of work and pricing are chosen and given contracts to execute agreed upon tasks. The work is cut up to manageable segments such as design and building and installation and finishing.

Sometimes it is necessary to have more than one company handle the project and related activities. A consortium of companies can be chosen to bring in different skills and approaches to the project. Should one company experience unforeseen problems the project can still carry on because the others may not be affected by similar problems.

At the inception stage of the projects the plans and designs need to be submitted for approval by relevant authorities. These documents will be assessed against the municipal general plans to see if they comply with regulations and guidelines. The completed structure must fit in with existing structures and spatial requirements.

Building construction and compliance with fire safety regulations

During the assessment of the designs and plans they will also be subjected to suitability in terms of compliance to fire safety regulations. The municipal fire department reviews the plans and makes the necessary changes and recommendations. After all the amendments have been done and the site physically inspected the project can go ahead.

However before the foundation can be worked utility companies need to be notified so that they can provide direction in terms of avoiding existing underground structures. This prevents damage to underground utility lines such as water and sewage and electrical as well as phone lines. Damage to the environment is also prevented because toxic spillages are avoided.

A municipal building inspector usually visits the site regularly during the building process to ensure that compliance is maintained. Penalties or even total shut down can be imposed should it be found that compliance is not met. This is one aspect that needs to be adhered to if the building construction is to proceed without any official censure.

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Some essentials of building construction

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The modern trend in building construction is for different professions to be brought under one roof. Professionals such as civil engineers and electrical engineers and architects used to operate separately. Now they can be employed by the same company often with a construction or project manager coordinating them.
Clients are able to approach a building company for their services and get everything under one roof instead of employing many different companies. This saves in administration as well as consultation costs because everything is done in house. The different departments work in harmony because they all subscribe to the same company policies and values.

Everything from the surveying of the land to the drawing up of plans to building up the structure and to installing finishing fitments is done in house. Every department is responsible for their part of the project and usually has a departmental manager. They are all coordinated by a project manager who allocates all the necessary resources to allow them to carry on with the job.

The importance of funding in building construction

Funding is important and needs special attention because if it is not done correctly it can bring the project into a halt. Underfunding is often a problem in smaller operations where the contractor might be relying on being paid after each phase of the project has been completed. This situation creates problems because there is a risk that the project can suffer delays which can prolong the completion time.

In large companies cost engineers play an important role in making sure that the project is properly funded. The primary task is to assess the work and materials involved to plan as to how much money might be needed to fund the project to its completion. They work closely with project financial managers and accountants to ensure that enough funds are available.

In owner managed projects the funding primarily comes from either the owner of the house being worked on or a family trust. If they happen to have insufficient funds for the project they have the option of borrowing. Banks and building societies have specific loan products aimed at this market and are able to offer advice on other related issues as well.

Building construction and the legal requirements

Before work begins on the project local authorities must be notified of the intended project to ensure that you get the official go ahead. This is important because the government needs to check if the structures to be erected will conform to spatial and zoning requirements. If this is neglected it can result in the finished structure being demolished leading to great financial loss.

Certain building structures and their intended use are suitable only in demarcated areas. A place such as a night club will normally not be permitted to be built in a quiet residential area. Sometimes building is not permitted in certain areas because they have been demarcated for things such as nature conservation. The process of building construction should be planned properly to increase the chances of success.

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Building construction: From smallest to biggest projects

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Before one can start with their building construction they need to contact local authorities to make sure they conform to regulations. Issues such as zoning and suitability of type of building and its size are discussed and decided upon. The authorities send their own inspectors to physically inspect the site using original building plans for the area.

In order to avoid waste of money and materials proper planning is done to see exactly how much material is needed and how much it will cost. The type of material suitable for that particular job is taken into consideration. Advancement in construction management practices have made allowance for this, leading to projects being run efficiently.

Projects done on homes are usually small in scale and would normally have the owner of the house as the project manager. They are responsible for everything from resource allocation to directing the pace at which things are done. Typical kinds of projects include renovations as well as additions to existing structures.

Industrial building construction

Industrial building construction is bigger in scale and costs much more and uses a large amount of materials. It is typically run by large construction companies whose business is to execute construction projects at a much bigger scale. The project management is done in house by the member of the company.

The projects typically require collaboration of a number of different professionals and specialists who work together to bring the overall project into fruition. Civil engineers and quantity surveyors and structural as well as electrical engineers are some of the specialists whose skills are utilised. They are all coordinated by a project manager who has to have the skill to maximise their expertise.

The impact on the environment these projects have is also greater and can result in large scale damage to things such as water systems. Environmental scientists and engineers are usually consulted to provide advice and guidance. An attempt is made to minimise the negative effects on the environment and its inhabitants.

The use of design drawings in building construction

Construction involves the translation of design drawings into reality by following the design plan to ensure accuracy. Designs are drawn up and inspected by professionals such as town planners and engineers. It is an involved process requiring attention to details and precision drawing and may sometimes use trial and error at a small scale.

The prevention of fire and the installation of processes aimed at eliminating the possibility of fire is one of the critical elements involved. These are incorporated into the drawing up of the design plan to ensure that the plan is complete. Things such as escape routes and the position of fire extinguishers are prominently illustrated so that they are easy to access in the finished structure.

Normally the final set up of the fire protection and prevention systems and processes is carried out by specialty companies. They usually have to bid for the work and the successful one is given the task with specific requirements and targets. The bidding process is managed by the home company fire protection engineer who is the member of the team responsible for the overall building construction.

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Choose PMM Properties for all your commercial property needs.

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