Major Reasons to Buy a Commercial Property for Your Business or Investment
These days, if we are looking at commercial properties, beyond just the typical specs, we needed to also look into 4 important factors too.
Let’s understand that we may have the best business plans but we really needed to have the highest understanding that what we bought could be completed on time and as per specifications.
#1 – Who’s the developer?
The very first factor is to look at the developer behind the development. When we look at the current COVID-19 pandemic, our investment may be safer with an established developer. For example, if we are looking at developers who are listed, then it is super important to look at its financial results over the years. This gives us a good idea about the status of the developer and reduces the possibility that the developer may suddenly abandon the project halfway.
#2 – Where is the location where the commercial property will be built?
Most of us would prefer to support businesses which are nearer to our home versus driving 20km away just to buy something. This is why when it comes to commercial properties, it is best that it is situated within a mature neighbourhood and thus would have a ready catchment area. Now, the success of the business would just depend on your business plan instead of on whether there are customers or not.
#3 – Lifestyle will be the future
These days, lifestyle is in everything we do. Just look at the younger population of today. When they jog or cycle, they will prefer to have jogging track around the neighbourhood and not on the main road shared with many cars. When they need to find a place to rest during their exercise, it’s best to be in a garden with lots of greenery and comfortable benches. Remember the days when people were okay with just a green grass field? It’s no longer sufficient today. Commercial developments have also moved on from just a few row of shop houses to integrated developments within townships.
#4 – Connectivity is key
It is essential that people could walk to your shop. Beyond that, there should also be road access and connectivity to the commercial development. Even more importantly would be the distance of the business to nearest public transportation stations. This will future proof the future potential because the growth in people using public transport would continue growing with even more lines connected to one another.
Regardless of the commercial development we intend to buy, these 4 factors should feature prominently in how we choose a good project to buy. Last but not least is to ensure we are not buying an overpriced property as well. Do a thorough due diligence, check out the typical pricing for similar properties elsewhere and compare and contrast prior to buying.
This article was originally published on kopiandproperty.