7 Important Things to Consider When Buying a Commercial Property
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Buying a commercial property is a cost-effective decision, so it is better to be thorough with the process carefully. Wouldn’t it be great if you knew what to look for in a commercial property before buying it? So, to make your life simpler, here are some important things to consider when buying commercial property.
Market Research
When you start looking for a commercial property in Mumbai, you need to spend some time researching the perfect location. Do your research and consult with brokers in the area to understand the market conditions.
Find out the upcoming projects in that area, price trends and much more. It is also essential to assess the scope of future development in the area. Investing in a project in a developing and well-developed area is always lucrative as it provides you with high returns on investment.
Review the Location
Location is a significant factor to consider when buying a commercial property in Mumbai. Choose a location that is accessible from other locations and has excellent infrastructure. When you buy a property in a prime location, it will surely give you high returns on investment. Commercial property provides returns in two ways- rent and capital appreciation, which greatly depend on the location.
Types of Commercial Properties
Commercial properties consist of industrial complexes, retail shops, and office buildings, among others. Decide the kind of commercial property that you want to buy. There are many reasons to invest in commercial real estate. You may want to run your own business or give it on rent. What kind of commercial property suits you entirely depends on your goals.
Check Legal Documents
Make sure to review all the records, financial information and documents. Verify the legal description of the property and also check the copy of construction blueprints and the most recent ‘title policy’ of the property. Ensure the property has received all the approvals from the concerned authority so that you don’t make any wrong investment decisions.
Check out for Hidden Charges
Almost all properties have hidden costs, including registration fees and property maintenance, among others. Estimate the potential costs and discuss them in advance in the ‘contract’ itself.
Litigation Matters
Make sure the property you are choosing is free from any legal implications ,If there is any litigation that is associated with the property, then the buyer gets a chance to re-negotiate, or if necessary, they can decide to walk out of the deal immediately.
Choose the Right Builder
Ensure that you choose a recognised and reputed builder with a proven track record of successfully completing and delivering projects on time. You need to cross-check and verify the credibility of the builder before finalising the deal.
Also read: 5 trends shaping the future of residential real estate in India
Source - ashwinshethgroup.com
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