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Advice to Companies When Buying and Renting Offices

Advice to Companies When Buying and Renting Offices


At present there is a wide choice of offices and trade areas in the big cities around Bulgaria. Now is the right time for buyers and lessees of offices as they have a great variety to choose from and can use their strong position to negotiate with the sellers and lessors in order to get the best possible price. Therefore that situation on the market is suitable for investing in a business property or for renting a more luxurious property at a good price. Although we always follow the individual needs and requirements of our clients here are some pieces of advice that can be used as guidelines by all those interested in buying or renting an office: 

1. Use the crisis as best as possible. A crisis on the real estate market does not happen often and it brings with it very good possibilities for property investments including in office and trade areas as well as for renting a better office of a higher class. There will always be demand for business and trade properties in the big cities and that is why they are a safe investment. Keep track of what is offered on the market in order to make the best deal. 

2. Choose the right moment for buying or renting of an office. The falling of the prices does not happen in a flash. It is a process that takes at least a few months. You can follow the decrease of the prices and buy when they reach their lowest. It is hard to say when exactly the bottom is reached therefore turn for advice to your reputable real estate consultant. Choose the right moment to rent a better office at a better price. 

3. Know your resources. Prices have decreased and it you are very likely to think that the resources you have can get you a much bigger and prestigious office. Yet do not overestimate your abilities but assess them well. Do not forget that owning an office means permanent expenses for maintenance and taxes. When you are renting an office bargain for the best price and sign a long-term agreement. 

4. Buy and rent quality offices. When there is a crisis it is the prices of low-quality properties and those with a bad location that fall the most. Choose the good quality which will guarantee you maximum effectiveness of the invested resources and will be a basis for future success. On the market there are quality properties offered at lucrative prices by owners who were hit by the crisis. Try to identify such properties and if they are of high quality buy and rent them because this is the best possible investment.
5. Do you need a new office? The crisis did not hit only the property market but it is also a financial-economic crisis. The future is uncertain. That is why buy or rent only if you really need a new office and only if you can really afford it. 

6. Negotiate the best price. How can we get the lowest possible price when negotiating with the seller or the landlord? Sellers usually put a reserve in the offer price which can easily be taken off during negotiations. This is a discount you will not have to bargain long for. However, you must try to get an additional discount. The formula for that lies in the serious intentions to buy or rent and in the good knowledge of the property. Show the seller that you are a serious buyer, that you like the property and that you are ready to pay for it but not the offered price because you know the property and its features well. Try to find out some hidden negative features of the property which you can use as a trump-card during negotiations and convince the buyer that the property is worth less. Find out how long the property has been on the market – the longer it has been on the market the more inclined to discounts the seller will be. Try to find the reason why the property is sold or rented out – if the reason is urgent need of resources then the seller will be more inclined to further decrease the price. You can use all this during negotiations. 

7. Compromises. There is no such thing as a perfect property and this goes for offices as well. There is always something that you need to make a compromise with. However, do not make any compromises with the location, the functionality and the price! The other important features vary depending on your needs and resources. 

8. Luxury offices at a time of crisis. Prices of offices of the highest class AAA have not decreased. You will rarely find such an office at a discounted price. Nevertheless, you can get a class-A office which will also give you the desired prestige and quality working environment as after negotiations you might get a good price. There are also office offers whose characteristics are similar to those of the highest class and which can be bought or rented at a good price. Your broker will inform you about such offers. 

9. Buying off-plan offices. It is very likely the good prices you see to be for off-plan properties. The risk when buying off-plan is big as the access to credit resources is limited and there is a possibility the developer to not be able to finish the building. Nevertheless, if you want to take advantage of the lower off-plan prices research the developer, draw up a perfect agreement and start with a first installment as low as possible. Be sure to pay the bigger part of the price at the end, at an advance building stage. 

10. Work with a real estate agency. For most buyers it is the payment of the commission that is the most unpleasant part when choosing to buy property. Our advice to you is to see the commission not as an expense but as a necessary investment in the future. If the agency you work with is with a good reputation, against a commission of 3% you will get the whole set of services in order to receive an unbiased consultancy, a good bargain, the best possible price and protection of your rights. Good real estate agencies will do a lot of important work against their reward and will fully earn it. The conclusion of your deal is not the end of the contacts with your broker or agency. The special bond is formed between the client and the good broker which lasts through the years. The modern working person change their home or office many times. They buy and sell every few years and this is completely normal. That is why every sensible person chooses their property consultant and depends on them to make decisions in a very dynamic sphere. The professional broker will know all this better than you and will try to make these relations last. Test your broker!

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