Buying a commercial space for your business is both – a huge achievement and investment. But then, just like any other form of investment, investing in “commercial shop for sale in Noida involves a few risks. The risks are a few careless mistakes that people often neglect while closing or selecting the property and can easily be avoided, however the risk and their consequences increases if the buyer does not know the common pitfalls to avoid. In this guide we will guide you through common things or mistakes that most business owners make while investing in commercial space.
It is a common mistake that most business owners make. Business owners purchase office space or shop in their own personal name, however it is best if they purchase it in the name of their business entity. By their nature, any property investment brings a huge liability and it is a not good idea to be held personally liable for the issues that might arise in the future.
Again, a big yet common mistake by business owners. Investing in a space that is too small or too big for your business is a financial loss. If you don’t assess your business space needs correctly, which also include near future expansions, you might end up buying a property that won’t be able to accommodate any future needs. Having a small space has more disadvantages than buying a space that is big for you, as you can always lease out the extra space to other businesses, but without sufficient space for future prospects, you might end up ruining your business.
Just because the building structure appears to be physically ready to be occupied does not really mean it is truly ready in all terms. A business owner who has invested a huge amount in purchasing a commercial space must obtain all the necessary completion and occupancy certificates for the space to be occupied and utilized for his business. Neglecting or forgetting these certificates can be a big mistake on your part. Inquire about the same from the developer and make sure to secure the required documents.
Without thorough consideration, it is easy to invest in a commercial property that is actually hard to sell in the end. Circumstances changer every now and then and there might be a situation where the business owner has to liquidate his property. Hence, it is important that you remain careful while purchasing a property; make sure that you are not charmed by the cheaply-priced investment option and purchase a space that cannot be readily liquidated.
One of the major attributes of any commercial space is its PARKING. It is important that the owner give due attention to this attribute and never commit the mistake of not thoroughly inspecting the parking slots while selecting the space for office use. For business that entertain customers regularly, pay extra attention to the parking space. Before investing, the owner must visit and inspect the parking space during working days.
When the developer or the seller sells a property with ‘as is’ clause, it doesn’t mean the seller can neglect to reveal issues they should practically and ethically disclose. The property seller isn’t totally exculpated for not detailing what they should, just because the document holds the ‘as is’ clause. As an investor, you should know your rights against ‘as is’ clause and you can go legal if the seller or the developer hide some important issues about the property.
When investing in any type of property, be it residential or commercial space, the buyer must know the upfront costs attached to the property and must be prepared financially and emotionally to pay the same. In addition, the buyer must also consider the ongoing costs as well. Both these costs greatly affect your purchase budgets; hence it is advised to keep these costs under check before finalizing the property.
Just follow these basic yet important points while finalizing a commercial space and you will surely end up investing in a commercial property that is complete and fulfilling in all aspects.