The common mantra in real estate is location, location, location. Good advice, for sure. However, most of the people have no idea what it exactly means when they look at a commercial property for sale in Mumbai. A good location signifies different things to different people. However, objective factors also determine the value of a commercial property.
Making the final decision of investing in a commercial property requires significant consideration of the property location for numerous reasons. Knowing what a location can do FOR and TO a property, is one of the critical aspects of preparing for commercial investment.
Here are a couple of essentials you should heed do for finding the best location for your business:
Your Budget and Priorities
Your budget influences where you are capable of establishing your business. Some businesses require high footfall and want to locate themselves in the downtown area. On the other hand, companies that deal in manufacturing, distribution, and in some cases, retail, look for a location farther from the hustle-bustle of the city.
Priorities would include things like accessibility or size and space of property if the business wishes to expand in the future.
Condition of Commercial Property
You have to take the condition of the property into account, no matter if the location perfectly suits your needs. A building with a shabby-looking exterior is likely to have a lot of problems from the inside as well. Not to mention maintenance issues. Combined, they can adversely impact your business’s reputation.
Businesses in the Surroundings
Another key factor that could impact your location of choice is the type of businesses operating in the surroundings. For instance, if your business relies on foot traffic, then choosing the locations where all the high-end brands and stores are located, would help attract a better clientele. Also, not all, but someone who has just begun wouldn’t establish their businesses in the areas where there are already established businesses that are your rivals.
There are numerous factors regarding transport links that can assist you in picking out the best location for your business operations. For instance, if you want to ensure the perfect workforce that not only works effectively but also remains with you for a longer period, see that most of your staff do not have to commute longer than 30 minutes. Locations close to major highways, metros, and train stations are ideal for some businesses.
Also, you would want to make sure that your clients can find you easily as well. Look out if there is enough parking on the site. Is the location accessible to clients and the staff via public transport? These are some of the main questions you have to ask yourself when considering the transport links and the location of the business.
When you invest in a commercial property that is located in a prime location, you get to enjoy all the benefits of investing in it.
Why You Should Invest in a Prime Location Commercial Property
· If you have bought a commercial property for investment and you plan to rent it out, It is going to be feasible to find tenants. Every landlord or property owner seeks a commercial property that is easily visible and accessible.
· If you need a loan, the bank will easily give you a one for a property that is situated in a prime location. Why? Because properties like these have fewer chances of capital loss. See that you always invest in a commercial property with a good return.
· As traveling is going to get a lot more feasible, employees would be more than willing to work with your organization. Most of the time employees are unable to switch to a new job due to commuting constraints they would have to face on a daily basis. When the property is well-situated, you don’t have to worry about these things.
· Moreover, the credibility and visibility of the business are also increased when your property is strategically located.
Knowing whether the location is prime or not also requires some considerations. As discussed above, you can enjoy numerous benefits by investing in a commercial property built at a prime location. The question is how do you determine whether the location is prime or not?
Here are a few things to help you out:
· The first thing you must consider is the accessibility of the property.
· See if the property is close to other commercial hubs.
· See that the location is well-planned.
· Things such as restaurants, local eateries, and markets are close to your property.
These are the key factors the best real estate developers in Mumbai consider while selecting an area with the purpose of commercial investment.