Commercial Properties in 2016

Commercial Properties in 2016

Buying a commercial property is potentially one of the biggest investments that you will make. You may have already invested in your own home, but a commercial property is completely different.
Whether you’re an individual, or you’re part of a business, you will need to know as much as you can about commercial properties, and how they may fare in 2016.

Offices are the firm favourite

At the time of writing, offices are being taken over pretty quickly in major cities, including London. This is because offices are needed a lot more than they used to be, simply due to the fact that the world of IT is now a fast-paced and ever expanding one. There are also other reasons behind the need for offices too. Many UK companies who once had factories over here, are now moving their factories overseas, but leaving the administration side of things in this country. They have more money to expand the administration side of the business, as the wages they pay to those who work in factories overseas, are much lower.

But it’s not just the major cities that are profiting from the need for office space, there are places outside of cities that are benefiting too. Renting office space in the beautiful city of York, can be quite expensive, but if you were to move just a few miles out, then you could find the rent is much cheaper. If you were to own an office complex a few miles out of York, then it’s likely someone will ask to rent that property, very soon.

The buyers are changing

Just a few years ago it would have been thought quite novel if someone who lives overseas came to the UK and purchased a commercial property over here. Now times are a-changing, and more and more people are coming to this country, and investing their money here. At the time of writing, many people from China are continuing to invest their hard-earned cash in our economy, but this could soon change. The Chinese market has seen a bit of a slow-down, which means buyers from overseas may soon stop investing as much as they currently are. This could mean that those of us who live and work in the UK will have more choice, but it could also mean that there’s not as much money being put into our economy, which could spell trouble for us too.

What you need to look for

Look for a property that has real income potential. Rental rates are increasing at the time of writing, and this means that the market is good. Look for a property that is likely to be of some use to potential business: look for office space in a busy part of town, retail units in a bustling shopping mall, or a warehouse on an industrial estate.
You may also want to think about buying apartment buildings, or an industrial building that can be used as a factory, or an office. Look for properties in areas that are thriving, and where the rent is affordable, but enough so you can pay your mortgage.

How does it look?

When it comes to buying a commercial property, you will want to get information on how it looks. If you’re thinking of spending money on a warehouse, you don’t want it to look a little worse for wear, the same with any other building you buy, unless you want to tear it down and start again. A good way for you to please your neighbours, is to make the exterior of the building look similar to, or complement the surrounding buildings. Neighbours, particularly people who live in the area don’t want to see something bizarre go up, or have an office or retail building close by with lights that keep them awake at night. Sure, the building may be cheap, but it will be at a real cost to you, and potential customers.

Potential returns

The commercial property industry is an ever-growing one, and at the time of writing it’s likely that you could see an return of as much as 12% on any investment that you make. If you were to invest in a new home, you could see a 4% return if you’re lucky, which just goes to show you that there’s real potential for a nice bit of profit if you invest commercially.

If you’re serious about investing in a commercial property, then speak to an estate agent as soon as you can. Get onto the market while it’s good, and rent out the property at a rate that will not only pay off your mortgage, but keep your customers happy, and the money coming in. The commercial property market in 2016 is set to be a good one, and it’s up to you to make the most of it.

Manchester Property Market Tips

Manchester Property Market Tips

If you’re looking to get on the property ladder in Manchester, then you may appreciate a few tips. Although there is a lot of talk in the press about the national property market, there is less talk about specific markets. This means that we all have to go by what is said regarding the national market, when really we could do with a bit of advice about the market that is local to us.

This is where I can come in and help you. Having a bit of knowledge about the Manchester property market, I can give you some few tips on what you should look out for, and what you need to know.
Enough talk, let’s make a start:

Buy to let property tips

Here are a few tips that you may appreciate, if you’re looking for a buy to let property in Manchester:

Do your research

When you’re looking for a property to let out, remember, you’re basically dealing with an investment. This means that the investment could be beneficial to you if it makes a lot of money, but as with any type of investment, you could also lose cash too. Do your research, find out how the local market is performing, and where the best places to buy are.

Get a good mortgage

Don’t opt for the first deal that you come across, do your research and get the best mortgage you can. Banks aren’t the only places that can offer you a mortgage, look elsewhere at other financial institutions, and see what they can offer you too.

Think about the rent

How much rent are you going to get for the property you’re about to buy? You need to make sure that the rent paid on the property is the same as, or more than the mortgage. What will you do if the property stands empty? Can you afford to pay the mortgage yourself?

Think about maintaining the property

Every now and again a problem arises meaning you have to pay cash for a repair on your home. If you buy to let a property, it will be up to you to deal with and pay for any repairs or maintenance that needs doing. Can you afford these repairs? Work out if you can, if it looks like you can’t, you may have to re-think your entire plan.

Where should you invest?

Ok, so you’ve made the decision to invest your money in Manchester, but where specifically? This part of the world is absolutely ideal if you want to get onto the property ladder, but you need to know what you’re looking for. The good news is that Manchester has something for everyone.

Oldham is a good place for you to invest, particularly if you are looking to buy a terraced house. In this neck of the woods you will find row upon row of terraced houses that give the area a traditional working class feel. Oldham is therefore perfect if you want to make a good investment, and buy a property that could be considerably cheaper than it is elsewhere.

Oldham is also spot on if you’re looking to buy an apartment. Manchester has many old mills, and a lot of these old mills, and other factories are being turned into posh apartment blocks. Old mills, and places very similar to these, are ideal for anyone who is going it alone, a small family, or a first time buyer.

Chadderton is also a great spot for buying a property, but it doesn’t have the same transport links as Oldham does, but they are still pretty good. There are some very nice terraced houses in this part of the city, that sell on average for £80,000 (At the time of writing).

There are other places in Manchester that you may wish to consider, but if you’re looking for a bit of a bargain, then I can recommend Oldham, and Chadderton.

Buying your first home in Manchester

Buying your first home can be exciting, but it can also be a little scary too. I remember buying my first home some 15 years ago, and struggling to sign the contract as my hands were shaking. But, 15 years later, and a little more experience under my belt, I can give you a few quick tips that will help to make your home buying experience easier:

-Shop around for an estate agent who will work hard for you. Don’t hire the 1st one you speak to.
-Avoid an estate agent with a poor reputation, and little or no experience. Consider using an online estate agent who usually charge less fees and commission when buying and selling
-Find a company you’re happy to deal with, and will communicate with you, every step of the way, no matter how busy they are.
-Consider at least half a dozen properties, and speak to each seller if you can.
-Find out as much as you can about the homes you’re looking at.
-If a home has been on the market a while, try to find out why.
-Don’t make an offer unless you’re absolutely sure you want to buy the home.

The Manchester property market is a bustling one, that has something for everyone. Use the above tips to help you find your first home, or the perfect buy to let property.