Tips To Keep In Mind When Choosing A Commercial Property
1. Property specification
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.
Size and layout refers to whether an open plan space or individual rooms are required. Decisions on additional space for meetings, storage or equipment are necessitated. Taking long term business plans into account, the space should have the flexibility to be altered or expanded.
Facilities for employees like toilets, kitchen and lighting are to be considered. Availability of utilities like water and electricity, heating and cooling has to be checked. Car parking for customers and deliveries are a necessity.
Commercial apartments in Bangalore have most of the facilities in built. Any additional requirement has to be listed out.
Identifying the areas broadband capabilities is yet another task. With most of the work and communication being dependent on the internet, this is a necessity.
2.Buy or Rent
It has to be determined whether buying or renting a commercial property in Bangalore will meet the needs of the business. This depends on the return on investment or what the business intends to gain.
When renting a premise the cost involved is lower than buying and it also provides the flexibility of changing locations if found unsuitable.
Buying a commercial property allows the flexibility to repair and maintain the business, renting out unused portions, and selling the property at higher values.
A location convenient for the employees, customers and suppliers and which is not too expensive should be the priority. Availability of parking facilities and access to public transport is vital. Local amenities like post offices, banks, health clinics are to be considered as employees would like to use them.
The location of competitor’s business has an impact on sales and profits. Some businesses benefit from being near competitors and some others are affected adversely.
There are numerous legal considerations to be taken into account including planning permission, health, fire and safety regulations, insurances and licenses to operate. Duty to the employees includes the legal right to maintain minimum standards for the facilities at the workplace.
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.
5.Search for commercial property
Commercial property can be searched through local property agents or on the internet. The business property specification is circulated to real estate agents in the area of choice. After visiting the premises, the property is shortlisted. A wide range of properties in Bangalore can be found on the Hebronproperties.com website.
Property search by oneself can be done by searching online on estate agent sites or third party property listing sites. Once the decision has been made, the advice of a solicitor or surveyor to assess the condition of a property is essential.