How Much Does It Cost To Purchase A Commercial Building?

When you purchase a commercial property, it isn’t just the cost of the building. There are a lot of other initial costs involved in the purchase of a commercial building. Some of these initial costs will need to come from your business capital. This is why it is worth knowing in advance the costs to expect. That way you are prepared and there will be no unexpected surprises.

For example, you will need a deposit. This will be the largest direct capital investment you will make for the commercial property. As a general rule of thumb, the commercial property deposit will be around 25%. Think about how you will get this deposit early on in the planning.

You will need to pay stamp duty on the commercial property. With large commercial transactions you can expect these taxes to have a big impact on the cost of the commercial building purchase. Make sure you calculate and account for the stamp duty at an early stage to ensure you are not caught out.

Generally speaking, your commercial property will be exempt from VAT. However, commercial property sellers have the option to include 20% VAT on the sale or lease of their property. Take the time check the terms and VAT added to the property.

You will need the services of a commercial property conveyancer and a surveyor during the process of purchasing the commercial property. Here at Burgh Thorpe Solicitors, we have the experienced commercial property conveyancing specialists you need to help you with the purchase of your commercial property.

There may be financing fees that you need to prepare for too. These are the additional fees involved in mortgage arrangements and other funding options.

As your trusted commercial property solicitors in Peterborough, we can help you through the process of purchasing a commercial property. Our commercial property conveyancers can be there to help and support you, every step of the way.