Experts say that it is not important to get things done fast but what matters is the quality of the end product. For those who are looking to buy any property for rent or for your own use, that may be a plot, a shop or a piece of land that can be used for your industrial setup in later days, people can generally be found in a hurry to make a decision. This is the main people where they make a mistake that results in causing them the major loss of money.
Buying or selling commercial property is something that demands, time, expert opinion and deep market research. Before buying or selling a property there is a long list of tasks that are a must to be performed, step by step, to make sure that the things are done right. Today, we have gathered some of many tips that you must keep in mind while buying or selling your commercial property in Pakistan, or even in any other part of the world.
Doing Your Homework:
Homework is a must before making a property buy or sell decision. It is important for you to know what is the market price of a property you are about to buy or sell. What are the surrounding factors that can help you negotiate the price of the property? What are the upcoming situations that may have an impact on the price? It is also important for you to note that what the condition of the property is and if you are willing to do some minor renovation before selling the property or what you have to deal with after buying it, to make it a perfect place for you.
Answers to all such questions can only be gathered with a detailed analysis of the property and the location. If you are able to find the right answers to these questions you will be able to deal with the buying/selling price efficiently.
The Hidden Costs:
Buying or selling a property does not mean that you will be paying the amount that is decided for the property itself. There are a number of additional costs that you will be facing during the process of buying or selling a property. For instance, if you are taking help of a broker to buy any piece of land you will have to pay them their cut before proceeding with other matters. At the same time, you will be charged for the processing fees or documentation for the transfer of ownership from one person to another. These amounts are not small; rather you will be paying for lacks.
You may also have to deal with the insurance of the property, the legal expenses and other such matters. If you are taking help of a real-estate broker, you can ask him to provide you with a list of estimated closing costs and the possible points where you will have to invest to own the property completely.
The Inspection of Property:
Buying a barren plot is something different than buying an already built infrastructure. So, inspection is a must. This inspection may include the overview of the nearby available enmities or facilities that are necessary for living. It may include; markets, shopping malls, schools, parks, medical facilities and approach to the city. While at the same time it is important to make sure that the building you are buying is in good conditions or at least is up to the mark of what price you are going to pay for it. The seller is most likely to cover up the issues in property if any. Being a buyer, it is you who has to check for things in detail. If you think you are not experienced enough to deal with the matter, suggested would be to take help of any senior person from the family or friends, who you think is able to help you do the inspection and assessment of the property efficiently.
Knowing the Neighbors:
Once again knowing who will be surrounding you is important. For a commercial property, you will need to know what the nearby markets are dealing with. What are the customers expected to be seen in the market? Are they the one you are looking for? Will they benefit your business if you open up a store in that specific area or not? How are the existing people in market dealing with the customers? Such questions will help you analyses if the place is suitable for your upcoming business venture or not. You can also check for how noisy the location is what the flow of traffic in the area is. All such information can be provided to you by the people who are already living in the locality.
Falling for Love at First Sight:
Buying a property just because you liked the outlook is not a healthy decision. By making such decisions you may end up in trouble. After shifting to the place you will realize that there are so many things that you cannot access to have a hassle free and uninterrupted life, which was your core purpose of buying a house of your own. To avoid all such issues, you need to look deeply into the things before making the buying decision. There is nothing bad about falling for something you liked at first sight but you must not take your final decision without analysis. Note down the purpose of why you are buying the building. enlist the pros and cons of the location you are considering and make a decision accordingly.
Buying a property at a place where there is less as none security measures, can be a great problem for you later on. You need to work on the things well, before buying any property. If you are considering opening a store at the specific location, you need to make sure that your property at store remains secure over the night.
Do’s & Don’ts for Property Dealing:
Summing up the entire discussion we can enlist the following tips for the buying and selling of property like a pro. These tips can help you deal with the matter efficiently yet effectively.
1. Look for a trustable real estate broker. This tip works handily for both buyers and sellers
2. If you are a seller, go for some really minimal renovations rather than refurbishing the entire premises
3. If you are a buyer and looking for financial help from any institution, get the pre-approval before going for a final decision
4. Never ignore the hidden costs, they make a huge difference. Get complete information about the property taxes, dues, maintenance costs, ownership transfer costs etc.