Starting this year April 2017, property tax relief changes will affect thousands of investors who purchase buy-to-let residential properties. Rather than your profits being taxed, your full rental income will be taxed. Some landlords are considering forming a limited liability company to avoid the tax rate hike, but they, too, could be subject to tougher taxes in the years to come. As a result, many are switching their investment strategy to move into commercial properties, which have a much more lenient tax rate.
Increase Appeal of Commercial Properties
The vast majority of our inquiries have been focused on retail units and small offices, but we’re also seeing a spike in office buildings, gyms, restaurants, and cafes. Industrial properties like garages, small factories are also showing signs of increased interest. With the change in property tax looming we anticipate that this is going to be a seller’s market, so be sure you partner with the right commercial real estate agency.
Each of these spaces requires specific knowledge. Does the landlord l have a good relationship with the current tenants? Is there sufficient foot traffic? Is the building itself in good shape? Is there an overabundance of competition in the area? These are just some of the basic elements to consider when looking for a commercial property and getting advice from experts can help save you time and money.
Noble Harris has been helping businesses large and small to find their perfect location for over 20 years, we have the expertise and pedigree to find you the right property. Call us today to see how we can help.