Buying a property is a big decision as it involves a good deal of money. In case of a property bought for commercial purposes, you should be more cautious. If you invest in proper circumstances you can earn a good reward for your business. Buying commercial property in Bangalore can be hugely profitable. Godrej Eternity projects provide you with business-friendly circumstances at affordable prices.
Here are some tips for buying commercial property:
- Location: It’s the most important factor to be considered before you buy a commercial property. Suppose you invest in commercial property. Now, your aim would be to rent it out or start your own business purpose. In both cases, you should look for a location that has sustained demand. Prime location property in Bangalore may cost a bit higher, but they are likely to fetch greater returns.
- Quality: Is the developer good enough? This is one of the crucial questions to be enquired before you decide to buy a commercial property. It is possible that the property is in an ideal location, but the quality of the building is poor. In that case, the poor quality can hamper your business prospects. It’s better to go for reliable housing projects like Godrej Eternity.
- Evaluate the demand: You must evaluate the prospect of the property before investing in it. Will the property serves the kind of business that you are willing to start? Will the demand be sustainable? You must know all about these questions.
- Market rent: It is important to know the prevailing market rent of the property. You must compare it with your requirements to calculate your monthly returns from it.
- Look for good tenants: A good tenant is always welcome for a commercial property. It can significantly add to the value of the property. Try to avoid smaller and unknown companies.
- Diversify your investment: When investing in commercial property, it would be wiser to think about diversification. If you have invested in a single property, you will not get rent once the tenant vacates the place. But you must cough out the expenses related to the property on a regular basis. Try to invest in separate properties in different locations to ensure a constant flow of property income.
- Security deposit: Security deposits in commercial properties vary between the rent for 10 and 12 months. If your tenant offers you a deposit of six months or less, you should be on your guard. It means that the tenant could be looking at a short-term option or has cash flow issues. In that case, you should avoid such clients.
- Lease option: Commercial property often comes with the leasing option. It includes nine years or 15 years of the lease with some terms and conditions.
- Fitout fares: Some commercial property in Bangalore comes with interior fitouts. Sometimes the developers provide the interior fitouts and charge an extra amount for it. Some tenants, however, take the responsibility of the interior works on their own. A tenant who wants to do his/her own fitouts is likely to stay longer to recover the costs.
- Compare and be sure: Make sure that the promises given are true and make senses. Compare rental demands with other properties and assess the demand. Developers often include the fit-out rent with the main rent. But always remember that such rents are not permanent and payable only for a fixed period (generally five years).
To make your expenses for commercial property more profitable, evaluate the factors mentioned above. It’s important to consider whether the property you are thinking of buying suits your purposes or not.
But buying a property in a thriving city like Bangalore involves a lot of money. It’s just possible that you do not have that amount of liquid cash at your disposal. But you can always take out a home loan to fulfil your dream. Banks and non-banking financial companies (NBFCs) like Bajaj Finserv offer great deals on home loans.
You can also avail the pre-approved offers of Bajaj Finserv Homes & Loans on a home loan and EMI finance on different products and other financial services. All you have to do is share a few basic details and check out your pre-approved offer.
It’s clear that you can be parts of a prime property like Godrej Eternity with a little bit of planning and vision. It’s not an idle dream anymore to enjoy the ownership of a property in the heart of one of the most happening cities of India! So, what are you waiting for? This is your chance to grab the future and make it your own.