Buying a retail property can be a very daunting process, especially if you are buying it for the first time. There are numerous things to consider, and you have to be cautious every step of the way. One small mistake can eventually become a regrettable mistake in the long run. This is why it is recommended to never rush the process of buying a property. As of now, there are plenty of good shops for sale in Gurgaon that you can choose from. But how do you ensure you are buying the best retail property? Here are 5 tips:
1. Pay Special Attention to the Location
The location of a property plays a crucial role in deciding its price. The farther away from the busy parts of the city the property is, the lower will be its price. If you are buying a retail property, its location is everything. You will only get visitors to your store if it’s visible to people. But if it’s away from the location where people usually hang out, your business will suffer. When you are checking out retail properties, ensure they are in a busy location with a high footfall.
2. The Condition of the Property
A property that has been maintained well and requires minimal work from you to make it usable will cost higher than an old property that has been unoccupied for years. When you are checking out retail properties, you will find a fair share of properties from both of these countries. Note here that an old property may cost less but it will require you to spend a lot on it to make it usable again. Calculate this accordingly before buying any property.
3. Permissions on the Property
Different commercial properties have different permissions to conduct businesses. Since you are looking to buy a retail property, ensure that it is permissible to conduct retail business there. Further, if it’s in a market or mall, ask about the different types of retail businesses that are allowed in the market. It will help you to research the types of people who visit the market/mall and for which purpose. This will ensure you set up a retail business that you can earn from.
4. Know about the Limits on Modifications
You may need to modify the retail property you buy to make it usable for you. However, every property has limitations on modifications. For instance, if you buy a retail property in a market, you may be allowed to extend the front of your shop by certain inches. In a mall, however, this liberty is not present. Every property owner has strict limitations on the degree of modifications allowed. When you are checking out properties, ask about the limitations of modifications.
5. Read about the Hidden Costs
The cost of any property is not what is quoted by the seller. Some additional costs are not explicitly told because these are common expenses to any property, and you are only told the cost to which these hidden costs will be added. This includes the maintenance cost, advance, title deed, etc.
To ensure you buy the best retail property within your budget, do your due diligence and do not rush into buying any property. The aforementioned tips will help you be confident when you step out to check out properties.