When it comes to real estate, Mumbai has a lot to offer both in terms of residential and commercial property. A large number of them are made by the best real estate developers in Mumbai. 

You would find tons of content out there to help you out with the home buying process. There are lots of guides to make the process of home buying and moving a lot easier. But, when it comes to commercial property, and you are inexperienced, there is not much to go on. Buying a commercial property requires you to take many things into account. If done right, this investment could get you a lot in return.

Having said that, read on below to know more about purchasing commercial property in Mumbai:

Determine How Much You Can Afford

Before beginning the search, the most important part is planning your budget. How much can you afford to invest? This way, you will save a lot of time and money. You have a budget and will browse through those properties only that fall within your budget. Even if you don’t have the total amount, you can pay the down payment and then take a mortgage for the remaining amount.

The Location

Real estate is all about location. When it comes to property investment, location is the most important aspect. You should pick a location where you can easily target your audience. You should take the distance from the end-user and suppliers for easy and feasible access.

Old or New Lawsuit on Property

This is important. You don’t want to get involved in the purchase of a property that has litigation – no matter old or new. Do ask the owner about it. Make sure to check the documents. However, if you get to know about any litigation, you can either renegotiate or leave the deal immediately.

The Condition of the Premises

If you are purchasing a building that is already used for commercial purposes, inquire the owner regarding the business and their reason for selling it. Inspect the property thoroughly to get an idea of the wear and tear and if any major repairs are required. This shall enable you to have a better understanding of the property’s resale value or the rent you can earn in the future if you decide to rent it out.

Essential Services

Sure, you are purchasing a property. However, you need to ensure that the necessary services such as security, lift, and parking space. They can play a key role in the efficient running of the business and could increase your resale value. At the same time, it can help you get a better rental price in the future.

To ensure that you make the right decision, stay sharp and diligent. Thoroughly inspect the building more than once. Also, see it during different times. There is no harm in hiring the services of a seasoned real estate agent.

There, we have covered the necessary tips regarding purchasing Mumbai commercial property. Bear these things in mind before you start your search. They will help you from shortlisting your options till the final purchase. Good luck!