Shaz discusses the importance of asking the right questions when buying a property, whether it's for investment or personal use. He emphasises the need to go beyond simply liking a property and delves into the research and inquiries that should be made to ensure a successful purchase. 

KEY TAKEAWAYS

When buying a property, it is important to ask the right questions to gather necessary information. This includes asking about the seller's motivation for selling, how long the property has been on the market, and if there have been any price changes.

It is beneficial to research the local area and any development plans or planning applications that may affect the property.

In commercial properties, consider breaking up the space to attract multiple tenants and increase rental income. Additionally, explore options such as service offices or shared offices to optimize space utilization.

Negotiating lease agreements with potential tenants requires careful consideration of factors such as rent, tenure, break clauses, who pays for what, planning permission, and insurance.

It is important to ask about any potential issues with the property, such as damp problems, neighbors, energy efficiency, water pressure, and parking availability. Additionally, clarify what is included in the sale to avoid any surprises.

BEST MOMENTS

"A good negotiation is one where both parties walk away unhappy."

"You can't rip somebody off if you're saying I'm selling this pen for a pound, I'm saying I'll give you 50 pence and you agree to sell it."

"If you can get a good deal that works for both of you, you've probably got it about right."

"You need to run the numbers. What are your outgoings on that property? What profit yield are you getting?"

"Ask the seller if they've already bought a new home or found a new home because that can delay the process."

VALUABLE RESOURCES

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Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.