How Long Does A Commercial Property Sale Take?

While asking how long a commercial property sale takes is like asking how long a piece of strong is, we can give you an idea. It’s important to note that the time is takes for a commercial property sale to complete is dependent on a number of factors. In this blog post we look at the factors involved in the time it takes to sell a commercial property. We also look at how the commercial property selling process can be sped up.

What Factors Affect the Time It Takes to Sell a property?

One of the factors that will change the length of time to sell a property is the market conditions. Market conditions won’t always be thriving. However, it’s not always going to decline either. Like all markets, there will be times of incline and decline. Understandably, this will affect the time to takes to sell your commercial property.

The location of the commercial property will affect how long it takes to sell too. If your property is in a prime location, then it could sell a lot faster than a property elsewhere. This is just the same when selling a home. Properties in more popular areas will sell quicker than properties in less popular areas.

Unsurprisingly, the price of the property will affect how quickly it sells. If your commercial property is overpriced, it could sit on the market for months or even years. However, if a buyer sees your commercial property as undervalued or a bargain, it could be purchased in a few days of going on the market.

The type of property will affect the length of time it takes for your commercial property sale too. For example, retail spaces in busy areas will attract more interest than retail spaces in quieter shopping spaces. The same goes for well-located office buildings. These will often sell faster than a specialised or niche property.

A well-maintained property will sell a lot quicker than a property that needs a lot of repair work. This is because the condition of the commercial property will also affect the speed of the sale. A commercial property that needs minimal repairs will often sell a lot faster than a property that requires significant work or renovation.

How Can I Sell My Commercial Property Quicker?

While the above points will affect the sale of your commercial property, there are things that you can do to speed the process up. By having our commercial property solicitors ready and prepared it means the progression of the sale can happen sooner.

Selling or buying a commercial property can be very hard and even exhausting if you are managing the sale on your own. This is why our commercial property lawyers in Peterborough are here to help.