Purchasing your premises?

By March 8, 2022 No Comments
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Purchasing your premises is a huge commitment so do make sure you consider all the advantages and disadvantages before making a decision.


Ingredient 1: Keep Within the Law


What is are the advantages and disadvantages of purchasing your premises?


Whether to purchase a property depends on several factors, for example:

    • can you afford to purchase the property you have chosen
    • is the property you have chosen available for purchase, or only for lease.

When you have completed your research and identified the property which you think is best for your food business and would like to purchase, discuss with your bank or building society exactly how much your monthly repayments will be.  Add to this the cost of new equipment and setting up your business in order to get an accurate picture of the outlay ahead.

The advantages of purchasing your premises

    • Purchasing a property will give you an investment which, if it is in a good area, will increase in value.  In the future, if you decide to retire you can sell the property and make a profit or lease it out to someone else;  this will give you a good income.
    • Your monthly repayments could be less than the rental payments.
    • You can claim interest payments against your tax.
    • You won’t have large rent increases.

The disadvantages of purchasing your premises

    • You may have to put down a large deposit as you won’t get a 100% mortgage.
    • You will be responsible for maintenance, fixtures and fittings and decorations.

Before making a decision on whether to purchase premises for your food outlet, decide what is the best available site that will give you the greatest opportunity to make the most of your business.  Once you have done this, look at all the financial aspects of your chosen property and if you think you can afford it and make money, then go for it.

Want to know more about purchasing your property?

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How to Keep Within the Law eGuide 

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