When making the call for investing in commercial real estate, the options are many and wide. From commercial land to commercial buildings or even office spaces, how to choose the perfect fit for you? And when an office space for sale comes what is the process to move ahead?
Commercial property investment is a lucrative market when it comes to the return of investment from rentals and long term property appreciation if the location is right. Due to the constant demand, the real estate builders offer various types of options depending on one’s budget.
- Offices: This can cover anywhere from a small office space to a commercial building for office. Depending on the space and location, the budget can vary. The structure is handled by the builder in this case.
- Retail: These include retail stores, shops or shopping centers. If one is buying a full center, then the transaction may vary while if its a store or shop, always go with a good reputed builder.
- Commercial Land: If one has a bigger budget or is open to taking a call on land on the outskirts basis on a long term development opportunity than commercial land for making buildings to lease to hospital, hotel, warehouse etc. is a great option. When you invest in land, any construction will have to be handled by you or in a joint venture with a builder.
When buying a commercial property other than the location, amenities, facilities the property offers one should do a thorough check on certain things. The biggest task is verifying the documents for authenticity. Hire an expert to check up all the paperwork related to the property. There is a list of documents to check.
- Sale Deed
- Mother Deed
- Building Approval Plan
- Khata Papers
- Encumbrance Certificate
- Betterment Charges Receipt
- Power of Attorney
- Latest Tax Paid Receipt
These documents are needed when you go to register the property and if any documents are missing or not up to date there could be a lot of hassle involved.
Another thing to check before is the delivery time. Always check on the progress of the construction so far and gauge the expected timeline. This is also one of the reasons why one should go with reputed builders as you can check on the earlier projects done by them. Last but not the least, the quality of the construction is a major point to check. The building one is looking to invest in should be made with good quality material and use the right type of fittings and fixture. The lifespan of the building relies on this.
So when looking for commercial office space for sale, don’t forget to check out Shriram Business Park as you don’t have to worry about any of these.