If your business is growing rapidly and becoming more successful, then you might be considering moving office premises. And as part of this decision, you could be wondering whether you should buy an office building outright or build one from the ground up.
There are many factors that you should keep in mind with this – including the conditions within the commercial property market and what your long term plans as a business are. But those aren’t the only things that you should take into account when planning this. You should also consider:
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Before deciding on either option, you need to set a budget that you’ll stick to. It’s important to realize that both options come with different prices associated with them.
For example, if you’re building an office from the ground up, not only will you need to hire an architect, but apply for the right planning permission, cover inspection fees, labor costs, etc.
Whereas if you buy an office building that already exists, all you’ll really have to pay for is the initial asking price, along with any alterations you want to undertake. By looking at the costs of both options, it will become more clear as to which is more suitable for your business and the budget that you want to spend.
If you’re planning on buying an office building and don’t want to make any significant changes internally/externally, then you won’t need planning permission.
But if you are making major changes to the inside of it, then you might require certain building permits and planning permission. The type of permits that you need will depend on the work you’re having done and the location, so it’s a good idea to look into these at the start.
If you’re building an office building, however, then you’ll need the consent of your local authority. A key factor in turning the piece of land into a building plot, you’ll need to obtain these planning permissions before you start construction.
Where do you want your new office building to be? When you buy an office, there are a variety of locations to choose from internationally. Already set up to accommodate a business, all you’ll need to do is move in. You’ll easily be able to find one that matches your requirements, you just need to know where to look.
However, when you build an office building, you might need to make certain compromises. For example, you might not be able to find land within an area that you want to set up your business – meaning that you sacrifice how close it is to transport or other similar businesses.
If you have a date in mind of when you want to move your business, then you’ll need to factor this into your plans. If you have a lengthy timeline, then you might have the time to build an office building from the ground up. Whereas if you’re on a tight timeframe, you’ll most likely opt for a ready-made solution.
Who/What You’ll Need to Hire
What services/professionals will you require for each option? When you buy an office building, you’ll only need certain services if you’re thinking of renovating it. Whereas if you’re building an office, then you’ll need to hire cranes (such as from Freo Group), heavy lifting machines, construction workers, etc.