Office Buyer’s Guide
As buying a commercial space is not only a huge investment but risky too, no factor should be left out of consideration. No one can ascertain what the future holds but the wise certainly can plan based on past data and current market trends.
Buying Office
Here are a few factors that need to be pondered upon:
Location
A dream location today can turn into a nightmare tomorrow. So, make sure, that the chosen place does not fall under any project development agenda. Also ensure that your business is commutable via various modes of transport for both customers and vendors. Not to forget, a decent internet, electricity and water connection are needed too.
Budget
It is vital to do a fool proof budget planning beforehand. As the investment is steep, it is imperative to figure out the funds that would be required along with the miscellaneous business transactions. Leasing the property to manage the down payment and paying the mortgage for the remaining amount might be a good idea.
The physical condition of the place
Take into account the condition of the space and make an estimate of the repairs needed, if any. This will help in figuring out the budget and also while planning resale in the future.
Availability of Amenities
As your space is a reflection of your brand, you need to ensure the amenities fit in with your needs. Services like parking space, lifts, electricity, the internet need to be up and running smoothly as they affect resale too.
Market Rent vs. IN Place Rent
If you can, this helps you to evaluate the risk attached to the property. Comparing rents of nearly identical locations will aid in identifying the factors which might be the reason causing a difference in the rentals. This factor ensures you don’t end up paying a higher amount for an overrated asset.
Know your neighborhood
Keep yourself updated and informed about any development plans of the government as it impacts the business both positively and negatively. Also make sure to find out the chosen location is not prone to natural calamities.
Get your property surveyed
It is highly recommended to hire a professional inspector for a full professional survey before paying the deposit as a huge investment is at stake. This is recommended for residential property too.
Future opportunities
The space should have an option to be up scaled in future and also to be sold off in case your business is not well received.
Be Flexible
It is better to be futuristic. As you would be looking to expand your venture in the future, pick a place that can be modified as per your needs.
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Our relationship agents will promptly get in touch with you to arrange a tour of different properties that meet your requirements at a time of your convenience.
Our relationship agents will promptly get in touch with you to arrange a tour of different properties that meet your requirements at a time of your convenience.