The decision to buy commercial plots in Pakistan is more or less like subscribing to a brand new venture. It can easily turn out to be the best decision you’ve ever made or the decision that makes you sit in a corner, holding your head and mumbling, “What have I done?”
In order to avoid the latter nightmare, keep reading to find out some secrets to making a trade of land for commercial use in Pakistan entirely successful!
Things to Consider Before Buying Commercial Plots in Pakistan
Previously, we had deliberated on factors affecting plot prices in Pakistan and in line with this post, here’s our extensive guide on buying land for commercial use in Pakistan.
But before that, here’s a useful piece of information. Buying commercial property, specifically, as an investment option, can shower you with profits beyond your wildest expectations. Such a transaction can only become a reality if you do it in the right way. And, to reduce the leg work for you, here’s your comprehensive checklist for you to follow while buying commercial plots in Pakistan:
- Area Location & Budget
- Topography & Design
- Modifying Options
- Litigation Issues
Area Location & Budget
As far as buying land for commercial use is concerned, a buyer should be prepared with the development plan or the next step before rolling the ball. That being said, examining the area or location and setting a budget bracket can sound too obvious, but many buyers ignore these facts, which end up making or breaking success. Always bear in mind the adage of “location, location, location”:
- Always go for areas that are accessible for all your stakeholders, including customers, employees, and suppliers, among others. After all, their convenience and happiness matter the most.
- Make sure the area has enough space to develop basic amenities to lift the business, such as a parking space, common space, and waiting areas.
Now, finding and deciding on a location that is accessible to you and your potential customers can be a little stressful, to say the least. However, Pakistan’s property market has abundant investment options with plenty of traders to make sure that you invest in the best possible option. Towering above the many real estate agents in the country is Zameen.com – your trusted source in finding the best location that meets your budget as well as your needs. You can also take assistance from Zameen Area Guides to better understand the neighbourhood you’re aiming to invest in and the overall market conditions.
Topography & Neighbourhood
Not sure how can adjacent properties and landscapes affect your business? Well, close by streets, lands, and buildings can majorly bring in or hurt the traffic to your business. Let’s understand this fact with an example. A buyer intends to build a restaurant on their commercial plot, but the area is majorly isolated and situated far from city life. Irrespective of how good the food served there is, the location of the restaurant will most probably discourage visitors from coming in due to security and accessibility concerns.
Similarly, a retail store/grocery unit near a residential area would flourish more than the one situated near industrial areas, since footfall will be lesser during the day. As a matter of fact, a good neighbourhood can bring in more customers, and it can help drive business to the road of success.
Moreover, considering the topography factor, a buyer should make sure that the location is not prone to natural disasters and other hazards of such type. It is quite certain that nobody wants to find their stock floating in floodwater. A practical example of this particular scenario is areas that are known to overflood during rains. Here are some more factors to consider before buying land for commercial use in Pakistan, with regards to topography:
- Look for environmental issues like the quality of soil
- Check if the land will be able to bear underground constructions
- Get the area examined for mudflats, wetlands, and easements
- Cross-check the fact that the area is not too shaded or unbearably welcoming to sun
Modifying Options
As far as buying commercial plots in Pakistan and modifying/expanding the facades and interiors of the property is concerned, there are certain limitations placed by the government. Never assume that you’ll not need a certain amenity to go with your business like parking space, or any other additional space. For that, a buyer should keep an eye on the future and proactively anticipate requirements raised by their clients or the business itself. So, it is good to keep in mind that the business centre you are erecting should offer easy access to disabled people, senior citizens, and people with special needs. In short, the shop/restaurant/plaza must have an inclusive approach with an exclusive touch.
Besides, the overall infrastructure development in an area also majorly affects the future growth of a business, and the effects can be positive or negative. Projects such as mass transit, competitive/similar businesses, and other support services do not only help in running the business efficiently but also contribute to an excellent return on investment and a better rental income.
Litigation Issues
Buying a piece of land for residential purposes can be very different than buying a commercial plot since the buyer of a commercial property will have to deal with a different set of legalities. So, it is only natural that the commercial land you are buying should be free of any old or existing disputes and litigation issues. However, you can get any such legal issues resolved by renegotiating the deal and executing the purchase in legitimate ways.
To find out more about the most common property scams, head over to our blog that covers the most common property disputes and their comprehensive solution, all in one place.
In a nutshell, risks are an inherent part of a business, but what matters most is how you anticipate them before time and deal with them when they actually arise. The buyers are, at all costs, required to adopt extensive due diligence before finalising a deal for the land. They will have to go beyond just visiting the area and nearby locations at different times to ensure an excellent start of their venture. And, as tiring as it may sound, paperwork will benefit them in the long run.
For more tips on real estate transactions, head over to Zameen Blogs – Pakistan’s #1 property portal. Subscribe to our newsletters by entering your email address on the right-hand side of your screen. Make sure to hit the like button on our Facebook page.
