If you are a first-time investor or not, there are many things to consider before investing on a commercial building. Commercial property would give you higher yield than residential property. However, there are many factors like re-zoning, infrastructure and new developments in the area etc. to be considered before buying.
Here are the major things to be considered:
- Finance: You need to see your finances before you approach a property developer. Have an estimate of how much you would be able to spend on the property. Commercial building can be far more expensive than residential properties. Check whether you will be able to invest a good amount. This does not matter much if you are planning to start or move your existing business to another place. If in short of funds, you can even see loans.
- Location: If you are not planning for a rented commercial building or buying some extra space in the same building, this doesn’t matter. On the other hand, you will have to check if the road to the location is good, if transportation is available, facilities like medical store, restaurants, and other necessities are nearby and is nearest to the town/city etc.
- Infrastructure: Make sure that the building has power backup, fire exits, elevators and parking space. Check for the safety and convenience. Basic facilities are a must while considering a commercial building.
- Checkout for the deals: Find few building nearby and make some comparison. Find out which one offers best facilities at the best price. Negotiate and get your best deal.
- ROI matters: Make sure that you are choosing the best commercial building that will give good return on investment.
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