Buying Commercial Property—What to Know and Do

 Commercial property is the type of property that you would buy if you were going to use it for business activities such as a restaurant, shopping center, or store but nothing residential or agricultural.  There are things that you need to consider when looking at a commercial property for sale in Kolkata. 

One of the first things to consider is the location of the commercial property. Some of the things you should ask yourself about the location include:

  • Are there any businesses similar to your business located nearby? It is good to have some competition but you don’t want too many of the same businesses as it will cut into profit.  For example, if you want to open a coffee shop, you don’t want to have an overabundance of them in the same area.
  • Look at the parking because if you do not have parking, your potential customers won’t stop.
  • You need to check the zoning laws and see if it is zoned for your type of business or even zoned commercial space for sale in Kolkata.

Always check the condition of the building. It should be inspected by a professional inspection company.  Find out what it was previously used for. You also need to look at the wear and tear of the building over the years.  When looking at a commercial property for sale in Kolkata, check out the inspection report carefully to see if they found any issues, like asbestos or mold.  This property inspection report will help you know what is wrong with the building and if it is worth fixing up for the price they are asking.

Take the time to look the neighborhood over, both during the day and evening, especially if you are opening a restaurant or business that stays open late.  See how many potential customers visit the area’s other businesses and if it is a safe neighborhood.

If you decide you are going to purchase the commercial space for sale in Kolkata, the seller will usually ask for earnest money, which is another word for a deposit to prove you are serious about buying the property.  Generally, this amount is about one percent of the purchase price.  This will hold the property while you secure financing.

If you are unsure how to find the right commercial property talk to a real estate agent.  They will have the tools to find you that perfect place for your new business.  Always review the terms of the deal so that if there are any issues, you can catch them before you sign the papers.  You should take them to your attorney to let them go over.  You want to avoid any mistakes that could hurt your business in the future.

Conclusion

Starting a new business can be a bit scary and you want it to be a success.  Getting the right commercial property is part of the process.  Do not rush in and buy the first commercial property you look at. Do your research to find the right one.

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