So, everything is going well, and you can finally class yourself as an established company. Taking a close look at your existing plans and establishing areas where savings could be made or where exciting opportunities might exist, is a vital part of being a business owner.
One of the more obvious places to review is your trading premises. Are you currently renting? Do you need to move to a larger building? Could you afford to take on a larger space and sub-let some of the site to another company? All of these questions can be tackled by speaking to a commercial mortgage specialist.
Some businesses are unclear about what is required to secure a commercial mortgage and will continue to rent for the long term. However, the benefits of owning your own property are significant.
- Low Interest Rates – by carefully assessing the risk involved with each individual case rather than a one-size-fits-all’ approach, lenders are able to offer attractive rates.
- Rental Potential – if you can afford larger premises but do not require all of the available space, it is easy to generate a rental income by subletting to other businesses.
- Business Stability – knowing what your monthly outgoings are and being secure in the knowledge that you are not suddenly going to receive notice of a hike in your rental costs provides peace of mind and protects cashflow.
If you are unsure about what option would suit your business best, why not speak to our friendly team here at NGI and let us explain all of the available alternatives.