With the growing trend of real estate investment, it is noticed that investing in commercial projects has been profitable. The thought of investing in a commercial property can be intimidating. Whether you have built your small business to an expanding one or just started, at some point the thought of investing in a commercial property is bound to cross your mind. No doubt it is a huge milestone and a crucial decision to make but it yields success. Just like the innumerable thoughts you get before buying your dream home, while purchasing your first commercial property you feel the same. To solve all doubts and confusion, here are the basics of buying a commercial project:
The Deep Check:
A thorough background check of the property is a mandate. You will want to know everything about the property- when was it built, all the registrations, how is the infrastructure and what are the amenities available. All the promised specifications must be checked in person by the buyer. Understanding the operational factors of the property is also important. Other support services like lift, parking space and security should also be checked out.
Check The Surrounding:
The prime factor and the most crucial one to look for while selecting your commercial property is its location. There are several underlying factors to consider revolving around the location. The neighbourhood, commute, zoning and any potential environmental issues. In case you are opting for office spaces you should consider the neighbourhood of your potential office space and the ease of transportation. In case you are looking for a retail space, you will need to consider a location that will yield high footfall and will ensure opportunity for business growth along with great connectivity. Whatever be your purchase, make sure the local zoning laws agree with your type of business.
You will get many options while choosing a commercial property. But whichever property you decide on buying, fixing a budget for yourself and an approximate size depending on your requirement is pivotal. Though it might seem bigger the better, your investment should be in accord with your annual turnover. Your investment should not be a burden on you at a later stage.
Demand vs Supply:
Analyse the market surrounding the commercial property in question. This will ensure steady growth and expansion in case of a purchase for retail space. Every city has an established micro-market or a growing tech hub. Having purchased a property in that particular hub or surrounding will give you a secured market for your own business. Always look for areas that will bridge the gap between you and your customers, bringing them closer to you.
Commercial projects are a long-term investment. So, the flexibility of the property is one point to stress on. If you are looking to grow your business in the near future, the property should fit your requirement without any hassle. And even if you don’t end up using all the space, you should be able to rent it out.
The key to making the right decision is to note down plenty of questions regarding the property and have a clear idea about what you are getting yourself into. If you are thinking of purchasing one, Sureka Group, one of the trusted developers in Kolkata, has plenty of commercial options for you. Our advice, get a thorough understanding of all the aspects related to commercial buying before making any hasty decision.