Australia has several zones and locations where you can get the first-rate property as an investment. However, the more choices you have means that you need to study key issues and look for certain features before making a purchase.
An expert on buying commercial property cites the following features to look for before making an investment.
Limitations on its Interior and Exterior
Zoning laws, building codes or covenants may put a limit on the number of alterations or changes you can make to the property you purchase. One example is when you are thinking of buying properties in historic areas, these may be subject to several restrictions on redesigns and reconstructions you can make for improvements. The layout of the interiors and exteriors may also be an important factor for possible changes you want to make in the future.
You may already have a shortlist of properties you want to purchase; however, before you make the final decision, factor its zoning in your choice. Local zoning plans provide you with key information on what renovations or changes you can do once you make a purchase. This also lets you know the types of businesses you can lease the spaces to once you open.
As Built Drawings
The as-built drawings of properties you have on your shortlist helps you and your team understand and get insights on the constructional issues and potential problems like load bearing areas, lighting, drainage, electricity, hydraulic, structures and locations of improvement. The information you gather allows you to make an educated decision.
Report of Engineers
The engineers’ report is an important document that provides you with important information about the possible risks and costs of buying a certain piece of property. If particular parts or items need replacement, this document gives insight about cost estimates.
Keep these features in mind when deciding on which property to purchase. Due diligence and research save you a lot of money and future headaches.