Why You Need a Commercial Property Valuation
It can be a huge decision to invest in a commercial property, and when making this purchase, it can be reassuring to have a thorough property valuation. A valuation will allow you to negotiate on price or even decide if it’s a better business decision to walk away.
By working with a professional, established valuer such as Budworth Hardcastle – an industry expert for almost thirty years – you can be safe in the knowledge that we will bring expert valuation techniques that provide well-informed, accurate information.
A property valuation will provide you with the tools to decide what to do with the building you are considering purchasing. This is imperative if you are looking to get a mortgage or loan to pay for the property, as the lender will require reassurance that the price you have given them is accurate.
You will also need a valuation to assess the value of a property to provide your insurance company to enable them to give you a quote.
Reasons to Get a Commercial Property Valuation
A commercial property valuation can easily be overlooked, with some businesses seeing it as an unnecessary expense. However, it is extremely important that companies of all sizes and industries obtain a property valuation when considering the purchase, as it may end up being an expensive oversight should the property’s value be over or under-estimated.
It is mandatory that any business owners should have a good knowledge of their properties, whether that’s to secure funding from a bank or during property audits. Not having this information to hand may cause delays and give you an unprofessional appearance. Having a valuation will allow you to keep your accounts current and accurate, which is just good business practice.
Should you choose to sell the commercial property in the future, valuations will need to be provided to the Inland Revenue; this is for them to calculate whether Capital Gains tax is due to be paid. Alternatively, if the business is being transferred, you will need a valuation for the Stamp Duty tax.
Benefits of Commercial Property Valuation
There are several benefits to getting an accurate commercial property valuation. Firstly, you will receive an independent opinion from an expert who will be able to break down the true value of the property. This valuation is done taking into consideration the current state of the property, as opposed to outdated purchase prices or preconceived ideas.
Secondly, by allowing a specialist to have complete visibility of the property before purchase, they can give you a clearer, more comprehensive understanding of the entire construction of the building, location, and environmental considerations.
Finally, having all the correct, up-to-date property details can save you both time and money in the long run when working with clients and making business decisions. You will be required to have a valuation available when applying for a loan or mortgage; it will also be asked for during audits or if there is a change in shareholders due to the business being bought out.
For more information about Budworth Hardcastle, including what we can do for your commercial business, email our friendly team using the contact form on our website. You can also contact your local branch by phone on the following numbers:
Northampton: 01604 604070
Kettering: 01536 483400
Peterborough: 01733 209480