My husband has part ownership of a commercial property through his work, alongside his managerial role he also has to source the most competitive quotes for materials and workmen to keep the building in good condition. Sometimes I feel a bit overwhelmed he has taken on a share of this property, because with our own mortgage I panic we might be slightly overstretched! I am quite risk adverse and probably left to my own devices would never do something like that.
But perhaps he bought in at the right time, as apparently more investors will be looking at commercial properties in 2016. He has debated getting rid of his pension (bit risky!) too and investing in yet further property, but I think we should move away from residential properties which he has considered which have less returns and higher stamp duty and think about further commercial property opportunities. He seems to be doing okay (so far) with this particular property.
He does his best to find the cheapest (but still quality) suppliers even when he is always running around juggling lots of different things, he keeps an eye on the bottom line, it’s all about profit at the end of the day. It’s quite a sizeable property and in need of regular upkeep to preserve the value of the building.
They have also been making some changes to improve visitors to the building overall experience whilst they wait. This included installing a sound system and sourcing new flooring, he gets lots of quotes first, Fay Flooring a commercial flooring contractors Essex looked very competitive. But he does try and ask for recommendations from other people too, knowing how they got on gives you the confidence to try them too. I do think they need more comfortable seating and hopefully he will start shopping around for that soon, I love IKEA but he thinks it’s too modern usually!!!
Some owners of commercial properties hire in property management companies to assist with all the tasks involved, but hubbie is always keeping costs low. It’s amazing how much you learn on the job and adapt and become more efficient as you go.