Considerations When Purchasing Commercial Flats
There are several investments for which you need to read the fine print and conduct rigorous research before you make the purchase. These include investments such as a car, a house and even a flat. This is because once you have bought these items, all the responsibility of maintaining them will rest on you. In addition to that, if you want to get rid of them, it will be up to you to get a buyer as well as try to make the most out of your investment. Thus, before you splurge on any of these items, you should have put a considerable amount of thought into it. Commercial wagga real estate can be lucrative if you go about it the right way. Some newbie investors make the mistake of simply leaving everything up to their real estate agent, rather than being involved in the process. Here are a few important things that you need to check before you decide to purchase commercial flats.
Establish the flats are built on litigation-free land
The first thing to do is confirm that the property rests on litigation-free land. This means that you need to check and confirm that the flats have not built on land that is mired with legal issues. If you fail to check this beforehand, you may fall victim to being evacuated in the instance that the building needs to be demolished. Typically, when this happens, you rarely get a return on your investment. Thus, it is always pertinent to check this before you make the purchase.
Ensure you receive the appropriate certificates for the flats
If you are opting to purchase commercial flats that are ready to occupy, you need to ensure that you review a completion certificate. You can find this certificate from the builder of the flats. On the other hand, if you are opting to buy flats that are still under construction, you should ensure that you view a commencement certificate from the builder.
Establish if the flats are on buildable land
Lastly, always check whether the government has granted permission for the commercial flats to be constructed in the first place. The land on which the flats are being erected or have been erected should be classified under "buildable" land. It is always ideal to enlist the services of a real estate lawyer to guide you through the purchase of commercial flats so as to ensure everything is legally in order.