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Consider These Factors Before Buying a Commercial Building

Welcome to the world of KMG Developers…Where living spaces are the stuff dreams are made of!

Consider These Factors Before Buying a Commercial Building

 

Purchasing commercial property is always a good thing, provided you are prudent about it. Whether

you are thinking of buying it as an investment or for actually using it for your business or work, there

are certain factors you need to consider very carefully first:

 

The-Top-Commercial-Real-Estate-Due-Diligence-Mistakes

 

 

  •  Your Finances: Before you approach any property developers in Kannur, you need to seeyour finances; how much do you have as cash, bonds, fixed deposits, and so on. Commercialproperty is far more expensive than residential property, and you may need to shell out ahuge amount. Check if you can afford to invest a large amount of money in an asset that isnot very liquid. If you require the commercial property because you want to start or relocateyour business, this factor does not matter so much; you have to have a place for your work.If you’re short of funds, consider applying for a loan.
  •  Location: If you’re going to buy the whole building (and not rent/buy a space in an existing
    commercial building), you need to consider the location very carefully. Is the approach roadgood? Is there access to public transport? Is the connectivity to other cities in the state goodfrom this location? Are facilities like restaurants/eateries, medical available nearby? Will itbe too long a commute from the town area/residential areas? The answers to most of thequestions need to be yes.
  •  Infrastructure: You need to ascertain if the building has power backup, elevators, fire exits,
    ample parking space, adequate water supply, sufficient number of toilets and so on. If you’regoing to use it for your own business, you need to ensure the safety and convenience ofyour employees; if it’s for renting out, bear in mind that you may not be able to find tenantsif your building lacks these basic facilities.
  • Get the best deal: check out a few buildings and make a comparison. See who is offering the
    best price vis-à- vis the facilities being offered, the location and so on. Try to negotiate theprice, and get the best deal you can. A rupee saved is a rupee earned!
  • Estimate the ROI: This holds true if you’re planning to rent out space in the building. Make
    an estimate of what you can earn over the next 5 years, 10 years, and even beyond that,after considering various factors affecting the economic environment, government policiesand employment opportunities in the country and the state. You need to also think aboutthe growth prospects before taking the plunge.Investment in commercial property is like a two-edged sword; which is why you should purchaseonly after diligent and thorough examination of all the relevant factors.If you’re not buying the building but the land, and planning to construct a commercial building also,you need to consider all the factors – barring infrastructure, which you need to incorporate yourself

    – in order to rake in profits.

    Looking for the best building contractors in Kannur to construct your commercial building? Call us on now. At KMG, our years of experience as property developers can ensure that you get your dream building.

     

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