If you are planning to purchase a new commercial property in Faridabad or anywhere for that matter then you would do well to take care of a few points so that your dream is realized without any inconvenience. Real estate transactions can be tricky and can land you in soup. Yes, the process can be a bit daunting and therefore has to be carefully considered because any laxity here can prove very costly. Here, in this blog, we have tried to come up with a few points for anyone planning to buy a new commercial property in Faridabad, or anywhere for that matter so that he gains maximum from the deal. Let’s understand these points one by one.
It is the commercial lure that adds to the attraction of any real estate development endearing it to the masses. If you want your purchase to earn you rich dividends then you have to ensure that it holds its commercial appeal. And, if the property you have purchased lacks commercial lure then you have to add that to your property. High-tech measures, parking areas, and security elements go a long way in ensuring that your purchase holds its commercial relevance. Always remember that marketability of your purchase is amongst the top things to remember before buying a new commercial property in Faridabad or elsewhere.
How many times has it happened that people have rued the decision of investing in a property with legal conflict that has cost them dearly? Invariably such a situation arises when the buyer purchases a property without checking its papers. It is therefore very important to read very carefully all the title-related paperwork, approvals, taxes, and other related items. And, in the case of rented property very careful attention should be paid to reading and comprehending the agreement. Doing so would negate any chance of mishaps that might ruin the deal later. It would always be wise to carefully go through all the related paperwork of the property you intend to buy. Doing so would keep you free of all future wrangles and would also give you a sense of relief as you would have taken all the necessary steps to ensure that your deal does not face any jolt in the future.
Resources & Conveniences
If you are purchasing property in a popular area then it is mandatory that you also provide facilities like 24/7 continuous power supply, cafeterias or food courts, internet, and top-of-the-line security if you want your purchase to be a profitable venture.
Whom you choose to rent out your property plays a large role in ensuring whether your purchase proves to be profitable or not. For starters, it is always a good idea to rent out your property to commercial firms rather than individual tenants. Contrary to residential leases, commercial properties can be rented out for a longer duration which invariably would bring a consistent return for a much longer period.
The market is replete with builders and developers who make tall claims and false promises most of which remain unfulfilled. It is therefore important that proper research is carried out about the builder’s reputation, his ability to deliver projects on time, his honesty in living up to his promises, the quality of the projects he has delivered, etc. Only once you have been completely convinced by his reputation and record you should decide in favour of a particular builder or developer. Talking about developers with spotless reputation one name that immediately springs to mind is Omaxe. A prominent name in Indian real estate, the name exudes trust and confidence and can be approached without any fear or concern. However, for most others, you would do well to carry out thorough background research before deciding in anyone’s favour.
Whether you are thinking of investing in a commercial or residential project you would do well to assess their construction quality. Quite a few builders turn out attractive construction that appears very beautiful from the outside but the quality of material used for construction would be substandard. It is therefore very important to pay very close attention to the construction quality of the property you are buying so that you do not end up buying a substandard property that caves in at the slightest upheaval.
Since purchasing property involves a substantial amount as well as risk, it is important to seek legal guidance in this matter. You must know about all the laws and legal documents required for the purchase of property to ensure a smooth process and avoid any issues later.
It would be a very good idea to get your property insured. Doing so would give you a cushion to fall back on in case of any damage. There are numerous banks/financial companies that offer policies at attractive rates that would give a perfect security cover to your property. However, it is important to clearly understand the cost and formalities involved before purchasing the property.
You would do well to understand that investment in commercial real estate is not a passive affair. If you want your investment to bear fruit then it is mandatory that you play an active role in the dealing and be aware of every move being made. Be involved in the process from the very beginning so that your investment fetches you great dividends.
Flexibility and Scalability
While scouting for a commercial property it is indeed important to look for scalable premises. Any business if looked after with care has the potential to grow in the future and you would need to make adjustments to meet your growing needs. It is therefore important to select premises that can be modified to suit your business in times to come.
The Final Words
The blog clearly brings to the fore some of the most important things to remember before buying a new commercial property in Faridabad or elsewhere. The best thing here would be to prepare a checklist and consider it seriously before making the purchase. All the relevant steps that need to be included in your checklist are discussed in the blog in detail. All that is needed is to use them and ensure that you buy a property that serves your purpose. We genuinely believe that the points we came up with prove to be helpful and help you in your bid to buy a new commercial property in the place of your choice.