Yes, you can definitely buy property by sourcing it, through the estate agents, solicitors, land registry and the related – but you may not have explored one option, which is – commercial property auctions.
The traditional options of buying property make you wait long, endlessly to see your dream turn into reality. Although, there is no guarantee that you will lay your hands at the best with the best price tags, you definitely stand a chance for the best. For this, you will need to have foresight, planning and a certain amount of commercial acumen. Powered with all this, you can buy anything from one room office to a big plush commercial space through commercial property auctions at cheaper prices.
This type of buying is resorted to by canny buyers looking to buy and resell a property. Such buyers buy the property, refurbish it and resell it at attractive prices. You can buy anything from an unused medical facility and vacant office building to a high rise office block at prices much below the one in the open market. A purchase through an auction may save you 10% to 30% compared with buying through an estate agent.
According to the Commercial Property Market Survey from RICS covering Q4 2015, there is a shortage of quality commercial property in the UK. This has been the primary reason for high rents and capital values across the country. There has been 2.6 per cent fall in the number of non-residential property transactions between December 2015 and January 2016, reveal HMRC’s statistics.
Although, properties are available, they are not as easy to buy as they were earlier. This means, getting a commercial property from the open market has become more difficult. However, you should be aware of a few points for securing a good price. You should begin with lot of detailed research before you make a move to buy a property. It is worthwhile to know the precise location of the property, planning permission, price of the property etc. to ensure that you even need the property, leave apart the fact whether the property has what you want or not. Next, be very clear about the budget. Never budge from what your pocket permits as you may end up giving more and receiving less!
Apart from that, you need to consider other costs as well, which include the auction houses’ administration fees (£200 – £300), your solicitor’s or conveyancer’s fees, stamp duty and property insurance which will all add up to the total amount which you will be required to pay when the deal is secured.