Shop Price | How to Get the Best Value for Your Retail Property
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If you are selling you shop, or thinking of doing so, you'll want to make sure you get the best shop price you can. This isn't going to be easy in today's troubled market, and you'll need to get a professional valuation. But do you know what factors contribute to the price a valuer will give as your shop value.
It might, therefore, be useful to look at the process a professional commercial valuer will go through to arrive at a shop price for you. The valuation of any commercial property, including your shop, involves a lot more work than for a residential property. That is because of the income from the business itself- and that of any future potential tenants of the shop premises.
Of course, the first things that a valuer will look at to determine your shop price will relate directly to the actual property. They will look at the size of your shop, how many storeys it has, the shape of the floors and note its facilities. They will also look at its location- is it prime, secondary or tertiary. Is it easily accessible to customers, on well travelled routes in a town, or more remote from potential customers. Most importantly, is the vehicular and pedestrian passing trade heavy or weak and does the shop have a good, prominent profile.
But to get a true shop price, the valuer will also need to know what sort of income you, as owner of the shop, get from your tenants. They will also need to know what fixed costs any new owner would have to bear. The valuer also has to consider what is likely to happen in the future- what will the average tenant look like over the next 5 to 10 years, bearing in mind average vacancy rates for your type of shop.
This will give them a good idea of what the hypothetical rent income, also known as the rental value, will be like over the long term. The valuation process in arriving at the rental value of a shop is known as zoning. This assumes the first twenty foot of depth of a shop are the most valuable, as this area is the most visible, and the areas of the shop in the middle and at the rear are less valuable.
Investors need to know what their likely returns are to be, and that directly affects the shop price. Of course estimating these things will mean bringing in such factors as the local economy and how the wider national economy will perform.
Finally, the valuer will have to pull all this information together, to arrive at the final shop price that they believe to be the fair market value. So it's pretty obvious that a valuers task is a complex and involved one - they need a good grasp of the local property market, how businesses will perform in the local economy, and how all of these fit into the larger economic picture.
What are your options if you want to know your shop price before deciding 'I want to sell my shop'? One convenient, simple and inexpensive way of getting a shop's value is to ask SellMyCommercialProperty to value it.
SellMyCommercialProperty have a dedicated team of professional valuers, who operate across the UK. We have many years of experience in commercial property valuation, and can give you an initial valuation within 48 hours. We won't charge you a fee, but if the shop price is to your liking, you can sell your shop to us fast. Our funds are readily available, so we can purchase quickly, allowing you to cut out the middle men, with their fees and lengthy sales.
Get in touch with us at SellMyCommercialProperty now, and let us speed up the process of getting well earned money to you, for a fair shop price.
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