I'm sorry to be boring as hell but I need your help. I've been running my own business for 5 years and done well. So far, I've rented a premises which has been great, but equates to a great deal of 'wasted' money in rent. I've never missed a payment and although the premises is great, it does now need a bit of money investing in it which I'm reluctant to do as it's not 'mine.'
I've just found the perfect premises for sale close to my existing business and have had the bright idea that I could buy it and add an asset to the business, rather than pay rent to someone else.
The building is being used as a house currently, but was a commercial property at one time (pub) so I'm hoping getting a 'change of use' won't be too difficult. I just have no idea whatsoever as to what to do next, do I approach the bank to see what they'll lend me, or put an offer in to try and secure it? (it's well priced so I don't want to miss out!)
I don't have loads of money for a deposit, but have good accounts that show I am good for the mortgage payments, how much would I need to put down or are commercial mortgages different?
I feel like as an adult I should know how all this works but I'm stumped.
I don't even know if buying somewhere is as good an idea as I think it is, there could be draw backs I haven't considered but I'm just thinking about not paying rent to someone else.