Have you been searching for the perfect office space? If so, have you considered checking out what’s available at auction? If you’ve gone down the typical routes and you’re now thinking of seeing if you can find the commercial property you have in mind at your local auction house, here are some of the reasons to start placing your bids.
You’ll find that there are lots of bargains to be had when purchasing a property at auction. This is because some might need some renovations carried out or there may be structural updates that must be considered.
Once you’ve spent sometime researching the available lots and looking through the associated legal packs, you’ll have an idea of the commercial spaces that suit your business needs. Whether you successfully bid for your first choice or you get your second-favourite, you’ll find that the price you pay will be less than if you were to buy from an estate agent.
Buying any property through an estate agent takes time, often spanning months. When buying at auction, this isn’t the case. Whatever you’ve successfully bid for, the timings are already set out and you know exactly what will happen and when. You know when inspections need to be done by and the deadlines for completed paperwork.Ultimately, you’ll complete on your new commercial space within 28 days of the auction, meaning you can have it up and running soon.
There’s generally often a lot more on offer at auction than at an estate agent. This is largely because properties at auction require improvements, so they are more suited to bidders who are aware of the work that needs to be put into them.
By looking through what’s on offer at your local auction house, you’ll find listings that may not have occurred to you before or that you hadn’t known about. If you have the vision and the funding to renovate, you’re more likely to find a few properties that will suit your commercial needs.
In addition to renovating the commercial space for your own business, you have the opportunity to update the property for resale or rental. If you plan things out and invest wisely in the commercial space, you could find that you’ve added value, meaning you could get a profit on a future sale or a high rental yield on your initial outlay. Do you think you’ll bag a bargain at auction? What do you have planned for the commercial space you want to buy?