Identifying the right business for you
One of the final steps that should be taken once you have specifically researched the type of business you would like to invest in and have embarked on looking at the longevity of your investment, is maintaining an interest in the relevant market.
Last week we used the example of investing in a hotel business and how you will need to delve deeply into your potential investment’s brand, reputation and duration of operation, among other factors. Once this specific research has been completed, the last step is keeping yourself fully informed about the property market going forward. This will mean proactively taking into account legal changes taking place, legal requirements, and local and up-and-coming competition within the market. Make an effort to cast your eyes over real estate and business news, magazines, newsletters and website advice – these resources can provide definitive information and help solidify your choice of business property.
Generally, if you buy or rent a large-scale business property, this always requires good a lawyer. The lawyer will create all the legal documents, payment and responsibilities. These will be set down in the
heads of agreement at a point in the negotiations. The bigger the contract, the harder it is. The heads of agreement is an important and useful stage in the negotiations process. It essentially condenses the key elements of a sale into a single document for both parties to see the agreement.
A good real estate agency is always crucial as a buyer or a renter – especially if you are not sure about the market. When you go to agents, they can guide you towards the right property within your budget plan and to a preferable location.
Ultimately, when it comes to buying or renting a business, doing your research and fully informing yourself about your prospective investment is critical. Enlisting the help of experts, lawyers and agencies are all ways to solidify your investment and its longevity.
The process of buying or renting a business is often time consuming and may seem complex. However, by
following a step-by-step process this can be simplified and help ensure acquiring your new asset achieves your desired results. Last week in Part 1, we discussed acquiring business property as a whole and the first steps in identifying the right business for you. This week we take a further look into identifying the right business for you and the role that real estate agencies and lawyers play in this process, thanks to Realestate.com.kh.
Interested in buying a business property? Check out the latest businesses for sale on Realestate.com.kh
James Whitehead is the Director of Content @ Realestate.com.kh