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UK and London Office Space Finder
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Buying Process
10 Keys
Lease vs. Buying
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     The Buying Process
1.Define basic requirements:
  • Size and layout
  • Expansion requirements
  • Down payment available
  • Mortgage terms desired
  • Image and quality
  • Geographical area
  • Intangibles
  • Client goals and assumptions

7 to 14 days

2. Preliminary Analysis:
  • Preliminary market survey
  • Sales comparables report
  • Estimated mortgage calculations
  • Proforma cash flow analysis
  • Estimated lease vs. buy analysis

7 to 14 days

3. Selection / strategy with support team:
  • Attorney
  • CPA or Financial Advisor
  • Space Planner
  • Mortgage Broker
  • Interior Design (if desired)

3 to 14 days

4. Determine alternatives available:
  • General market knowledge of "deals" available
  • Search of database / Commercial MLS
  • Verification of terms and conditions
  • Present list

7 to 90 days

5. Narrow down alternatives:
  • Inspection tours of likely alternatives
  • Selection of 3 - 5 best alternatives
  • Preliminary space planning of best alternatives
  • Selection of top alternatives

7 to 14 days

6. Analysis of alternatives:
  • Financial analysis
  • Layout efficiencies
  • Intangibles and goal analysis

1 to 7 days

7. Final selection:
  • Choose top alternative
  • Establish terms required
  • Prepare and present Purchase and Sale Agreement
  • Counter offer as necessary

7 to 90+ days

8. Contingency Period:
  • Review and note time requirements
  • Hire appropriate services
  • Do detailed inspections
  • Finalize financing
  • Make appropriate applications
  • Remove contingencies in a timely fashion

15 to 90 days

9. Closing:
  • Escrow Checklist

 

1 to 7 days

10. Tenant improvement or Renovation:
  • Monitor progress
  • Report progress
  • Final walk through check

0 to 90 days

Total Time Required

55 to 430+ days

Realistic Time Frame

120 to 180 days



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