What to look for while buying building for an office - non institutional small builder floor buildings
Rule number one when buying a building for professional use: don’t act as if you’re buying your dream home. When you buy a house, you put your heart and soul into it. Something as minor as an ugly door handle might make or break a sale. When you purchase a building for your business, however, it requires less emotion and more common sense.
Purchasing an office building doesn’t work for every type of business. If you are in a stable industry and have an established business buying a property makes a lot of sense.
But if you are a startup we strongly recommend renting instead of buying.
When buying a commercial building you get multiple offers on different properties. Think logically not emotionally and invest in the property which will greatly enhance your business profits.
Whether you are a startup, MNC or an investor looking for a good investment opportunity please understand the pros and cons of investing on buying a office building as mentioned below –
Obtain Expert Advice and Assistance
When commercial property is the object to purchase, there are many different persons involved in these dealings. It is important to have open communication with these individuals, but experts in the field may provide the best advice and assistance. It is always a good idea to have an experienced consultants, like Onix Advisors, beside you. Not only can realtors help you find good properties, they can even negotiate on your behalf and shoulder your burden and make things extremely convenient for you... A broker could also help with the purchase and details of the building.Location
Location is everything. Commercial properties provide returns through two avenues— rent and capital appreciation. Both are heavily dependent on the location. Look for locations where vacancy is less. This will mean that supply is in check and tenants are less likely to vacate, leading to higher rents and capital appreciation. A high vacancy location gives tenants options to move and renegotiate rents.
First and foremost, it is important to list out one’s requirement expected when choosing a commercial property. The property specification list includes the factors of structure, location, size, layout, facilities and parking that are to be considered. A safe and suitable working environment should be provided. Premises should be accessible when goods or services are being delivered. Disabled access should be provided. Facilities like drinking water, toilets, wash area, waste disposal, good ventilation, suitable lighting, and a clean workplace are mandatory.
Taking long term business plans into account, the space should have the flexibility to be altered or expanded. Identifying the area’s broadband capabilities is yet another task. With most of the work and communication being dependent on the internet, this is a necessity.
Two buildings may be in the same location, but the one boasting better quality will always get rented first. It will also attract better quality of tenants. Needless to say it will fetch the investor higher rents, better tenant retention and higher capital appreciation. Multinational tenants are always willing to pay a premium for quality.
This is one of the first things to analyze before committing to buying a commercial property. Every city has different micro-markets. In Bengaluru there is ORR, Whitefield, Electronic City etc…Each micro-market has an amount of office already completed and leased and upcoming supply.
Interior fit outs
There are numerous legal considerations to be taken into account including planning permission, health, fire and safety regulations, insurances and licenses to operate. Before purchasing the property ensure the authenticity of the owner. It is best to hire legal representation for the duration of the event so that the buyer is not entangled in a purchase agreement that he or she does not want. This also means any documentation that needs to be signed should go through this legal professional. Deeds and other legal documents should be reviewed and a copy kept with the lawyer for any possible future problems.
Liquidating is also tough. Real estate is a very illiquid asset. So, it is not at all advisable to do any sort of investment with a short-term horizon. If you are the sole owner of the property, then ideally hold on to it for the long term. But keep doing the necessary maintenance so that the rentals and the value of the building appreciate or at least remain intact.
Hope so the above points will help you in deciding in investing on an office building.
We have a team who are highly efficient and carry 30 years of combined experience in the field of real estate. We will help you in finding a suitable space for you as per your requirement.
For more details please call/WhatsApp 8310894031
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