8 Questions to Ask When Buying Retail Space

When you’re looking for a location for your retail business, it’s important to take the time to get to know the people who will be your neighbors. These people can be a valuable resource and help you find the best space for your business. When shopping for retail space, you’ll want to get the best deal possible. To do that, you need to ask questions and get answers. Here are five questions to ask when buying retail space for sale in Gold Coast:

  1. What’s the square footage? 

The first thing you should do when looking at a space is determined how much square footage it has. You want to make sure that you’re comparing apples to apples when it comes to size. If one store is smaller than another, but has higher ceilings and more windows, those things can be factored into its cost per square foot.

  1. What’s included in the sale?

Are there any fixtures included with the purchase? Are there extra costs associated with any equipment or inventory that needs to be accounted for? Make sure that all relevant information is included in the contract so there are no surprises down the line.

  1. How long has it been on the market?

If it’s been a while since this property was put up for sale, there could be several reasons why it hasn’t sold yet — maybe it needs updating or maybe it just isn’t priced correctly or marketed well enough. You need to determine if these issues can be fixed before deciding if this business is right for you.

  1. What kind of space do I want?

If you’re looking for an established business, then you’ll probably be looking for something with high traffic volume and visibility. If you’re starting out on your own, then you may be able to get away with something smaller if the location is right.

  1. How much money am I willing to spend?

This is going to depend on how much money you currently have in savings and how much debt (such as student loans) that you have accumulated over the years. If you’re new to business, then it might be best to start small until you can get everything off the ground and make some money so that you can eventually upgrade once your company starts making more profit than it costs to run each month.

  1. What are the seller’s motivations for selling?

This question will help you understand if the seller is motivated by financial reasons or if they’re ready to move on from their business. Being aware of their motivations can help you assess the urgency of their situation and predict how flexible they will be with negotiations.

  1. How long has the seller owned the property? 

If it’s been more than a few years since they’ve owned it, then they may not have much experience with running it as a business. If they have owned it for only a few years, then they probably have a good understanding of how the business works and what needs improving.

  1. What improvements have been made to the space?

You want to make sure any renovations made to the space were done properly and won’t cause issues once you take over. The seller should be able to provide receipts or photographs showing all construction work that was done while they owned it. If there have been no improvements made since they bought it, then that could be an indication that there is something wrong with your potential new location