Purchasing any property is an intricate process, but especially so if you want to buy office space in Kolkata or any other commercial space. There is more to think about than just how much the cost will be, will your employees be able to get to work, is it in a suitable place for members of the public or clients to visit, is it easy for suppliers to access and so on, are also important questions. It also helps to understand what the process of buying commercial property looks like. Here are some things to think about to ensure you are more successful with your purchase.
Buying commercial property tips
Here are some pieces of advice on buying a commercial property so your purchase goes more smoothly.
- Be more organised – While purchasing a commercial property such as a small office space for sale in Kolkata you will need to stay organised and keep on top of things such as paperwork, documents you might be asked to produce for a loan and so on. It would be beneficial to keep things in one place so you can draw on them when needed.
- Find and listen to a great real estate agent – A good real estate agent could be a great help to you and is really worth looking for. They are aware of the market, lease rates, sales, different properties in different locations and whether there are future plans for development and growth. You will need to provide the agent with certain financial documents so they can better track your purchasing capacity and show you only suitable properties for your needs and budget.
- Be sure of your financing – At the moment while interest rates make buying attractive it is important to understand that in India there is a large down payment required. For residential properties, lenders are only allowed to offer 80% of the price of the property as a loan so you need a 20% downpayment. In commercial property purchasing this amount is more varied but a lot of commercial lenders will only give you 70% as a loan so you need 30% of the property price as your down payment. There are advantages to both ways, a lower down payment leaves you with more cash to play with moving in or making changes, and a larger down payment leaves you with a lower amount to pay back.
- Try to get extra space – When you are looking to buy office space in Kolkata some people choose to buy some extra space if they are able that they can then use to expand in later on, or use to rent out and make an income on.
- Make sure you hold equal rights in the case of a unit – If you are not buying the whole property but just a unit of it, then you need to ensure you have equal rights with other owners.
The above tips can help you when you buy a small office space for sale in Kolkata so that the process goes more smoothly, and you get the right space for your needs.