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More and more people are convinced that their business idea is different from the rest and will be successful, launching themselves into the rewarding adventure of entrepreneurship. On this path, after completing the essential business plan to ensure its viability, the time comes to locate and acquire the ideal premises that will skyrocket your business's sales.
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Usually, commercial properties are valued using the same methodology as properties dedicated to housing. However, in the case of a commercial property, its shape, geometric characteristics, and, of course, its exact location, have a much greater influence, proving decisive for the final result of its valuation.
Valuations of Commercial Properties
How much is a commercial property worth?
To calculate the sale price of a commercial property, at least an initial approximate price, the quickest way is to locate several properties for sale in the same area and compare the price per square meter of each commercial property. The figure obtained will be approximate, because the price per square meter of the commercial property that is paid in the same street or area is not, by any means, the only variable to take into account, but it does easily provide us with a first approximation.
You should bear in mind that the final sale value can be very different between the final sale price offered by a real estate agency or an online real estate portal, and the final amount paid as a transaction in the sale operation. A
Another very relevant item, especially for a commercial property, is the date of construction of the building. All buildings have a useful life, being more valuable the more modern or recent it is. Refurbishing the premises will extend the useful life, and will certainly increase the total valuation of the commercial property but, in no case, will it be equivalent to being a commercial property located in a new building.
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Why do I need a valuation from an architect?
The obvious purpose of a commercial property is to put a business, your entrepreneurial idea, inside it. Therefore, both the situation and the location of the premises are fundamental. Whether the street is more or less central, whether the access is more or less passable,... all real estate agencies, all online housing sales portals, and any commercial property valuation simulator, take it into account.
Variables that count in the price
Other variables to take into account are whether the property is on the ground floor, at street level, or is located on a floor (whether it is a first or a fifth floor), whether it is inside a much larger shopping center, or as part of a shopping arcade. A property at the end of a corridor will be worth less than another business physically located near an upward staircase or next to the main access of the shopping center. And among the businesses that manage to function facing the street, their square meters lose value the further they move away from the first line facing the street.
Related articles: How much does a property deed cost?
Expenses in the purchase of a second-hand property
By far, the most important factor, the condition that will most condition the final price of the commercial property, is its potential to generate profit. For this reason, not all businesses fit in the same properties, and a business that does not work with a property, changing its economic activity can, both work and skyrocket and grow.
It is also necessary to consider what activities can be carried out in the commercial property with the least possible renovation work to avoid added expenses. Innocuous activities, such as office work, hardly present any inconveniences.
On the other hand, if your activities are focused on the hospitality sector, it is very possible that you will gather a considerable number of people in the same space at the same time. And also that you must carry out work to facilitate accessibility, protection against possible fires or, for example, acoustic insulation to avoid disturbing (and avoid being reported by) the neighbors.
And these realities are usually very costly and will increase the final expenses. However, if the commercial property was previously carrying out the same activity, and retains the license, the value of the commercial property will increase much more during the period of validity of the license compared to the obligations required by the town hall of the locality.
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Why is the official valuation important?
The valuation of the commercial property in which you are interested is essential to clear up any doubts you may have and receive an objective price, which takes into account all the items that revalue or penalize it, always in accordance with the current market price.
Even the expert who will value the commercial property will take into account whether the property is intended for rent, prioritizing which activities can be carried out in its facilities, or for its subsequent sale, where it will prioritize the age of the building and the different renovations carried out. And of course, it will also value in its fair measure all the fiscal, tax possibilities, if it is an inheritance, if there is a mortgage with a bank, and so on.
For all these reasons, for the purchase of a commercial property, we recommend avoiding free online commercial property valuations, and instead go to a Valuation Company specialized in property valuations, usually a professional with a regulated training as an architect or technical architect, who knows the current regulations in force, the economic purpose for which the property is intended, its current state, the added possibilities that a renovation can grant, the urban and legal situation that affects it, and so on.
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