15 Oct How to know the value of a commercial premises?
Do you own a commercial premises and want to sell it? Do you need to know the value of a commercial premises and do not know how to do it? Today we give you some guidelines that you must follow to find out the real value of a commercial premises without driving them crazy 😉
All the above questions are the key questions that any seller and buyer ask. It is important to know that you are selling for the correct value, as well as to know that you are buying at the correct price.
It is essential to have extensive knowledge of the real estate market, otherwise you will have it complicated. Besides, you must know certain aspects that can give a greater value to your commercial premises.
How to calculate the value of a commercial premises
The value of a commercial premises is normally calculated in the same way that we calculate the value of a home, but obviously other aspects must be added. For example, the shape of the premises, the situation or the m2 that they have as a showcase on the facade.
The first thing you should do to get a general idea. To do this, you must make a comparison with commercial premises in the area. Find several stores that are for sale and compare the price per square meter. In this way, you will already have an idea of how much you could sell the m2 of your commercial premises for.
On the other hand, as the second most important factor, you should know the year of construction of the commercial premises or building in which it is located, and the last reform carried out. Logically, it is not the same to sell a commercial space in a newly built or renovated building, than one that has not optimized its facilities in several years. Buyers will always opt for a newer, better-maintained store.
With these general data that we have talked about previously: price per m2 and year of construction or last reform, you will be able to have a general idea of how much your commercial premises cost.
Important aspects to know how much a commercial premises costs
But these data are not my much less the only ones you need to know. As we said before, to know the real value of a commercial premises, you also have to take into account certain aspects that add value. These might be:
- Location: for example, the premises that are to the right of the road, as a general rule, are better valued because they have greater visibility by vehicles. On the other hand, if it is located in a central and walkable area, it will increase its value.
- Number of floors
- Natural lighting: nowadays, natural lighting is a very strong point since it represents great energy savings.
- Functionality: internal distribution of the commercial premises.
- Meters of facade and shop window: the larger the shop window, the more attractive the shop will be and the higher its value.
- Possible rental values: For those buyers who want to acquire your premises for investment purposes, they will want to know that it has a high rental value.
Valuation of commercial premises
Finally, if you dedicate yourself to real estate investment, surely with all the previous guidelines, you will be able to calculate the value of a commercial premises quite correctly.
But if your knowledge is scarce, you will need someone to assess the business premises. And, it would not hurt if you also did it while having knowledge of the subject. In this way, you will avoid making mistakes.
Normally, the one who appraises the commercial premises will be an architect or technical architect. This can always give you a value of a fairly accurate business premises. As long as you know the purpose that we are going to give the place, its location and the potential it has, it will be a simple job.
And here the post today. Can you think of any other aspect that we have to take into account when calculating the real value of a commercial premises? Have you ever used an appraisal service? Tell us about your experience, we will be happy to hear it!