Especially if you plan to run your own business from the property, buying commercial real estate is a cost-effective decision. But before making any purchases, it is quite vital to consider a few crucial things. Because you think something is unimportant or won’t ever affect your organization, you shouldn’t ignore it. They must all be thoroughly studied.
Analyze the Neighbourhood
Rent and capital growth are two ways that a business property might generate income. Location is important since certain areas might be more affected by the economic downturn than others. Both of things depend heavily on the environment.
Keep in mind – Accessibility
It’s crucial to carefully examine user-friendly features like parking, elevators, security, etc. while buying a commercial property. Something like a parking space is easy to forget. If the property is close to any form of public transit, like a train station or a bus stop, there are more methods for employees to go to work. But if your company is situated in a remote area, a parking lot is a valuable resource for both your employees and your clients.
Be Realistic
We must understand that, especially when it comes to a business property, it is not entirely reasonable to demand too much too quickly. We need to approach it from a business perspective in order to avoid falling into the trap. Knowing your financing alternatives at all times is the best plan of action for buying a commercial property. For which you’ll conduct careful market research and practice patience. By doing this, you will not only be aware of the opportunities but also ready to take advantage of them.
Watch Out for Hidden Charges
The management and maintenance of the property are one of the nearly universally-present hidden costs. These prospective expenses must be calculated, negotiated beforehand, and addressed in the actual “contract.”
Litigation Matters
Any past or ongoing litigation should not be present on your commercial property investment. The buyer is given the opportunity to renegotiate or, if necessary, elect to walk away from the agreement immediately if any litigation is discovered to be pending on the property.
Flexibility and Scalability
It’s critical to search for adaptable spaces while evaluating commercial real estate. While you own the land, it is a given that your company will inevitably continue to grow and change. Finding a location that may be altered over time to suit your business is crucial. You can benefit much from them if you devote the time and effort necessary to comprehend commercial property investments. The location, research, and money, however, should always come first. If in doubt, it’s still a good idea to consult an expert.
VIRAYTAN, Plot No 777, Saheed Nagar, Bhubaneswar 751 007, Orissa, India
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Mr Rakesh Bhura holds the MBA degree from the Leeds University,UK. The youngest and the most dynamic among the directors he plays an important role in planning and execution at the site. He is actively involved in site execution,purchases & manpower management. He has his own innovative approach towards the projects and all his endeavours have been successful. Mr Bhura is the young promising face of Utkal Builders.
Is an MBA from prestigious IMT, Ghaziabad specialising in Finance and a CFA from ICFAI. He is driving innovation and technology in the group’s operations. He is also actively involved in the group’s marketing plans.
Is an MBA from University of Strathclyde, Scotland, specializing in marketing and is currently gaining exposure of the unique customer nuances of the varied markets. he is also involved in streamlining the finances of the group.
Mr. Sharad Baid is the Managing Director of Utkal Builders & has earned his Masters in Business administration from Bond University, Australia. He specialises in Finance and Information systems.By spearheading new initiatives in Utkal Builders, Mr. Baid has enhanced the framework for strategic planning and project development. In addition, he plays a crucial role in the corporate branding & project marketing of the Group.
Anchors the sourcing function at Utkal. He is credited with deriving the best value from our sourcing partners – contractors and vendors of material inputs. Recently, he has taken additional responsibility of the marketing function. However, complicated and large his tasks, his energy and positive attitude make them all possible! And somewhere in the middle, he also finds time to pursue sports and instruct his disciples on yoga.
Patriarch of the family & Chairman of the Group endorses chosen principles and values which Utkal follows. With his distinguished business and social credentials, he has led and safe-guarded the treasured Utkal culture. A born entrepreneur, he initiated with humble beginnings. But his zeal, sheer grit and robust ethics steered him through the times to continuing trust and success. Of course, after four decades of a distinguished business career and leadership of a diversified business group, his enthusiasm remains fresh as ever.
The visionary with a mission and an opportunity – guru, his insights are the engines of innovation and new businesses. His passion for opportunities is only matched with his perseverance to bring them to life. He has been the torch-bearer and the agent of evolution at the group. He has also served as the president of CREDAI, Odisha (2010-11).