Starting a new venture or expanding your business? For the growth of any business, some physical assets are required. These assets could either be bought or built, much like a building. A place to house your business needs to be well fit per your choice. Therefore, the decision that you make stands taller than any building that you choose to buy or built.
A commercial property is a building that houses your business. However, deciding whether to build or buy a commercial property depends on time, location and money. Some commercial properties are better bought than built and to identify what option to opt for, a brief explanation on the subject is provided below.
Cost of commercial property-
Buying a commercial building costs more as additional building costs might be added since an existing building may not perfectly align with the business needs. Apart from this, down payments and closing costs.
Whereas constructing commercial properties requires the business to purchase land, payments to contractors, and pay extra to connect utilities such as drainage areas and hydrants. With this, the construction could easily be delayed which could have an effect on the business. Buying a building has short-term risks but constructing a commercial building has long-term benefits.
Buying an existing building is always the fastest way possible if you find the right fit for your business but if you opt for constructing a commercial building, it could take more than 2-6 months, depending upon the size, zonal approval, and weather conditions.
Building a new commercial space gives you the freedom to design buildings in your business alignment and gives you more flexibility in choosing space, building restrictions, and zoning.
Regain costs through sub-leasing-
Building a commercial space is best for leasing space and rental income and that extra income could be used in regaining the cost of the building. This also helps in mortgage payments and appropriate utilization of the land.
Finding an available building that fits your business-
Finding an available space or commercial property that fits your business is a real task. Building commercial space eats into your saving if you seek to build it as per your business requirements and at the same time finding an apt building that fits your business is a tough task but if possible, could be a dream come true.
Such a beautiful dream of finding your commercial business space is possible and one such space is Bansal One which proves to be the best commercial property in Bhopal offering a high footfall area at a prime location.