Investors must be careful before investing in a commercial and industrial property for sale Gauteng. No human being can afford to lose thousands or millions of US dollars to fake property sellers. Surprisingly, the number of online scammers is on the rise, thanks to technological advancement.
Top 8 Things to Know Before Buying a Commercial or Industrial Property
Buyers need to consider some factors before they invest their money in a given property. They are:
- Ownership: an investor must aim at verifying the proprietorship of the property first. Even if you’re dealing with a broker, it’s important to unearth the genuine owner. Please insist on meeting the property owner in person to agree on the payment in person.
- Actual property value: a purchaser should hire a professional property valuer. He or she will help you accurately estimate the current property value. Unfortunately, some sellers overestimate their property to make a killing from the sale.
- Offer a fair-minded price: a buyer can hire a professional real estate agent to help him, or her make an offer. The commercial or industrial property owner will demand to negotiate with you. Haggling won’t be hectic as long as you make a reasonable offer first.
- Inspect the property: it’s risky to skip the property inspection step. If you inspect the house, you’ll make a better decision on whether to buy it or otherwise. Unfortunately, once you sign the sales agreement, there’s no going back.
- Set a budget: we always discourage buyers from following the wind. Instead, it’s best that you have a specific budget. This strategy will make the home buying process effortless as you’ll only consider property whose value is within your financial estimation.
- Location: technically, a property’s value heavily relies on its location. For instance, a property that is close to a transportation system such as roads and railway tends to be pricey.
- Payment plans: not all buyers offer some payment options, such as mortgage loans. Therefore, a buyer needs to find out which options a given property owner accepts.
- Hidden costs: most property sales agreements include multiple hidden costs. For instance, buyers may have to incur property improvement costs, administrative costs, and legal fees.
Myths About Buying Commercial and Industrial Properties
- It’s impossible to get a genuine property seller: we can’t deny fake property sellers exist out there. However, the truth is that good property sellers exist as well. A buyer has a duty to follow the buying process dutifully to the latter.
- Buyers must pay a 35 % down payment: first-time property buyers think they must cough up a 35 percent down payment. Frankly speaking, different property owners offer potential buyers varying payment plans. In some cases, one may only have to pay as little as 25 percent.
- Buyers shouldn’t engage a real estate agent: no law prohibits you from hiring a real estate agent to take you through the buying process. Apart from that, he’ll help you identify all the properties that are up for sale.
- It’s unnecessary to hire a property lawyer: property advocates come in handy in the negotiation of the sales agreement terms. The agent will come in handy, especially if you want to negotiate the price. Secondly, he or she will help you to verify the bona fide property owner.
- Property buying process is too stressful: there’s no doubt that the buying process is quite long. However, the process isn’t as exacting as some believe. You can finish the entire process within a month with the help of both a property owner and a professional valuer.
- A buyer can skip the inspection step: lawyers advise all property buyers to inspect it before they decide whether to buy a given property or not. Please do not insist on buying a commercial or industrial property that doesn’t meet your expectations.
In conclusion, an investor needs to have a reason why they want to put their money into a given commercial and industrial property for sale Gauteng. Apart from that, a buyer should engage a registered property lawyer.