Almost all business owners encounter one identical dilemma when starting or expanding their company: they have to decide on buying vs. renting a commercial lot. The truth is even sellers and real estate agents of commercial lots find it hard to compute for the true investment value of buying a commercial lot for sale in Manila instead of leasing. Indeed, buying can be a risk—but one that is certainly worth considering.
Perhaps the biggest advantage of owning your own commercial property is maximum control. Since you are not renting, you need not worry about sudden rental price increases. The other major benefit is asset appreciation especially now that Manila’s real estate market is booming. If you are thinking about buying a commercial lot in Manila for your business, then be sure to do the following:
Do your homework
There are many commercial lots for sale in Manila both in city proper and the whole metro. To find the right lot that is suitable to your requirements, you need to do some research. Read up on market prices as well as the best locations where businesses like yours are most likely to thrive. To start, you can look for commercial lots on reliable real estate websites that offer brokerage services.
Understand what factors to consider—and why
Many factors will affect your decision when buying a commercial lot, such as your market and budget. Commercial lots in Makati, Taguig, and Pasig have become notoriously expensive. If your budget is limited, consider other cities with lower prices. Whatever you are building, you should consider the place’s accessibility for your employees, too.
Identify limitations and opportunities
Know the zoning laws as well as building codes in the area where you want to buy. Look for expansion opportunities or see if you can lease extra space surrounding the property should you suddenly need to expand.
Partner with the experts
Hire an agent who will represent you and do all the legwork for you. You will also need a lawyer and an accountant.
Buying a commercial property not only rids you of paying the ever increasing rentals, but commercial properties also appreciate faster ensuring a good return on your investment.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., an online platform for real estate, addresses unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.