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Property buying is a process that people need to be extremely careful about. Whether you are buying residential or commercial accommodation, the process requires you to be extremely careful and understand the whole market dynamics of the process. Understanding how the market is working, how the trends are shifting, what people are looking for and what are the leading investments in the market is what leads you to make a sustainable investment in the commercial market.
But before diving deep into the crux of the matter, understanding what it is, and what its types are is extremely important. Here is your ultimate guide to commercial real estate in Pakistan.
What is Commercial Real Estate?
There are strict guidelines when it comes to defining commercial real estate. Commercial real estate is the development of areas that are away from the residential areas and do not support the people to live in. for instance residential dwellings, homes, and societies.
Commercial buildings, commercial outlets, and malls are what make up most of the commercial real estate. These dwellings are mostly used for office activities, economic hubs, and for generating wealth through the development of industries or factories.
The owners of the commercial buildings are entitled to pay additional tax payments to the government. This is to ensure that the buildings are aligned with the compliance codes.
What is the Type of Commercial Real Estate?
Well, there are many who don’t know much about commercial real estate types. Well, this type of real estate has so many different types.
Following are the main types of commercial real estate that you need to know about:
- Office space (setting up offices of multinational corporations, call centers, coworking spaces)
- Retail (small stores, outlets, grocery stores)
- Industry space (automobiles, sports, textiles)
- Multi-family Rentals (apartment complexes, high-rise buildings)
The Process of Buying Commercial Real Estate
So now that you have an understanding of commercial real estate. Make sure to look at Lahore Smart City rates when you are buying commercial property in this real estate project. Here is a list of things that you have to make sure to acquire before you are making a purchase of commercial real estate:
Collect the Basic Information About the Property
For instance you are buying property in Capital Smart City Islamabad, the main rule of thumb is to acquire the property information. Here are the things that fall under the category of basic information about the property:
- Area Size of the Building
- The Number of Floors
- Types of Available Properties
- Total Commercial Units
- Size of the Parking Area
- Zoning
- Availability of Civic Amenities
- NOC of the Building
Now that you have gathered this information, you need to cross-check the information with the public data to verify whether the information is right or not. You can ask the RDA in the case of Rawalpindi commercial real estate LDA for Royal Orchard Multan real estate and CDA for Islamabad’s commercial real estate status.
Inspect the Building
The next most important thing to do here is to properly inspect the building. Keep in mind that commercial real estate is a hefty investment as compared to a residential investment. You can easily buy a house or apartment but if you are trying to buy a commercial property then you need to pay a major amount of money.
That is why here are the areas that you need to pay extra attention to while you are inspecting the commercial building. You have to ensure that you are paying attention to these things:
- Foundation
- Roof
- Walls
- Condition of Windows and Doors
- Electrical System
- Water Supply and Waste Management System
- Gas Connection
- Phone Lines
- Fire Safety System
- Emergency Exits
- Underground Storage Tanks
- Central Air-Conditioning System
- Security Systems
Make sure to hire a professional to inspect the buildings because you cannot afford negligence on any front in these scenarios.
Asses the Tenant’s Information
One of the main things that often go under the radar is tenant information. A building that was previously owned by some other party can put an investor in a bit of a pickle.
A bright thing about acquiring a building that has a history of tenants is that you do not have to look out for tenants in case you want to again put the building on rent. You already have a list of tenants that you can ask for rentals.
But on the other side of the coin, you might have to make certain changes to the whole building to make it appeal to the target audience for which you are acquiring the commercial building. Make sure to ask for the right information such as monthly rent, security deposits, and utility obligations.
The Bottom Line!
Make sure to keep the aforementioned information in mind so that you are able to secure a good deal in commercial real estate property ventures. This information will keep you safe.
Remember you can even take help from the experts. There are multiple real estate agents who know everything about the real estate industry of lahore smart city. Whether you want to buy residential or commercial real estate, they will help you in order to ensure the process goes smoothly. All you need to do is pay their fee.
If you are not preferring the help of a free agent you can contact a real estate agency. Just make sure the company you are hiring is capable and experienced.