What You Need to Know When Buying Land for Business
Planning to establish your own business and searching for an office space? There are lots of details that need to be taken into consideration when buying land especially for business. Thorough search is required to get a premium land at affordable prices. Here are some important tips for buying a plot for your business and cracking the best deal.
Things to Consider
1. Premium Location:
Depending on the type of business you want to start, location is the most important thing that may determine the success of the business. You may want to consider the top business locations but they usually cost too much and there is a lot of competition for the ideal location as well. So depending on your budget, business domain and size, you can also consider buying a plot in the residential areas as well. There are many most happening residential areas and you can definitely consider buying residential plots in Pune that are close to the IT areas and other major spots.
Here are examples of some types of business locations:
- For an eatery, places near cinema halls, colleges, and railway stations are the best locations.
- Software parks provide attractive deals for an IT company.
- In case of manufacturing units, availability of raw material and utilities in the vicinity of the unit is essential.
2. Analysis of Real Estate Developers:
Once the location is decided, now it is time to look for real estate developers in that area. Every day hundreds of ads are published in newspapers and internet about the property sales. It’s not important to go out search yourself; you can always search for the ads like plot for sale in Pune, residential plots in Pune etc and contact the publishers, agents via phone or email. This will help you get in touch with more sellers in short period of time. Approach them or the real estate agents to find proposed property rates by different developers. Also, check for any special offers or discounts on the property.
3. Select the Seller:
After analyzing all the real estate developers, decide from whom to buy the property, try to negotiate with the seller. It may be possible that you are able to save some money which you can later invest in the business.
4. Legal Check of the Property:
Finding a plot for sale in Pune is not difficult but to get a genuine one with no legal issues or problems, it is important to take some time and do the research. To avoid legal hassles, it is mandatory to do a background check of the property. Check if the property is approved by any financial institution (public or private sector bank) and the title is cleared by the government development authorities. If possible hire a lawyer to check the authenticity of the property papers. Double-check all the terms and conditions associated with the property and ensure that there are no hidden charges in the land deal.
5. Utilities Availability:
Another factor that is also important to consider when buying land is the availability of the utilities like electrical supply, water, and telecommunication systems in the area. Non-availability may cause problem in future and affect the business.
6. Payment for the Property:
It is recommended that if possible try to make the payment in cash. Going for the loan option from financial institutions may be time consuming and expensive. For example, if the land cost is 15 lakhs and a loan of the same amount for 10 years is taken, then the buyer may end up paying somewhere around 20-25 lakhs at the end of the tenure. This may be a huge amount in the initial stages of business establishment. So try to save more and snap the best deal.
7. Registration of the Property:
Get the property registered to ensure the legitimacy of the transaction. This can be done at the state department office of the registrar. Procure all property papers from the seller.
All the above discussed points serve as a checklist to look for when buying a plot for business.
Well, as you see, buying a property for business and buying it clean without any issue and just about on right price, is bit of a work. You need to consider a lot of things like explained above while going for one. If you are short on time and want to get settled and started quickly, do consider taking help of a professional agent or experienced legal person. There are hundreds of residential plots in Pune that get published for sale every single day.
Just do your homework well, study every legal procedure and documents requirements, take professional help and start your business with a boom! Enjoy.
About cashflowkillerHi! I’m James and am passionate about my small businesses. A strong cashflow is vital for us so I will be curating the latest on cashflow and business news.
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