"Being in a position to buy commercial property is an exciting phase for a business, as this creates new possibilities. In some cases, commercial property buyers make impulsive decisions based on emotions rather than sound business objectives. During the decision-making process, it is important to remain focused on business needs and not overlook the finer details which could have long-term limitations on business growth," says Attie Anderson, FNB Head of Business Lending.
Paying attention to some of the following areas could help commercial property buyers avoid costly mistakes:
Commercial use, title deeds and town planning restrictionsDo not overpay
Understand upfront and ongoing costs
"Acquiring commercial property is a significant step in the lifecycle of any business and it is important to ensure that all factors are taken into consideration. Business owners should enlist all the necessary help to ensure that they make the right decision, especially in view of the long term nature of property investments," he concludes.