Buying property is one of the finest investment decisions of one’s life. It certainly burns a hole in one’s pocket as most of his life savings go into purchasing the property. However, if you become successful in buying the perfect property for you, then everything else hardly matters. Buying or renting a perfect property is on the top of everyone’s list of priorities and the majority of us are waiting for is the right time to make the investment. In case of commercial properties, the decision-making process takes even longer. The decision to buy or rent a commercial property can make or break you career in business. Let’s have a look at various aspects of the commercial properties that you should consider before making this substantial investment of your life.
Location: Probably the single most influential factor that matters in the success of any business. When you research the real estate market, you will notice one thing that the market prices and rents of commercial properties considerably vary according to their location. However, you should not allow the price to come in the way of buying or renting the property at the perfect location. In most of the cases, if the location is right, you will recover the additional cost in just one year. While selecting the location, check various things like, nearby places to the property, number of incoming roads to the property and the type of people commonly found at the location that is, whether they are shoppers or office workers, etc.
Finance: This is also a crucial factor that comes into play when you plan to buy a commercial property. Here, you need to be far sighted. If you believe in the location and you think that your business will do well, then you can take the risk by getting finance for high-end commercial properties. The thing here to remember is that you should be sure of the amount that you can afford to pay for the monthly instalments against your loan.
Look for defects in the property: Once you become successful in choosing the property at the best location and at the right price, it’s time to inspect the property for some major defects. While the problems like paint and cleaning up the site can be easily done, but you should look at the major defects, such as; the major repair work, for instance, the roof repair, plumbing defects, drainage systems, termite infestations, and cracks in the structure. Always remember that if you become successful in identifying these defects, then the owner would rectify them; otherwise he will pass on the property as it is, once the transferable documents get signed.
Don’t think twice before paying more premiums if you are getting more land: If you become successful in getting the corner plots or any place with extra land then consider yourself lucky. These plots are truly less in number and have an extremely high resale value due to the extra space. Usually, with these types of plots a premium is attached. A little bit of extra space will make your commercial property stands out from the crowd.
The bottom line is; no matter if you want to buy a commercial property or to rent a commercial property, the ultimate thing that matters is; it should provide you sufficient return on investment by becoming a source of unlimited income.