Investment in a commercial property like plazas is considered among the smartest investments. Here we shall explain a comparison of the various ways to buy a plaza.
Table of contents
- How to buy a commercial plaza?
- Is commercial plaza worth buying?
- Can plaza be used as a hostel?
- How to rent out a plaza for offices?
- Which floor of the plaza is most important?
- How to find the plazas for sale near you?
How to Buy a Commercial Plaza?
Plazas are considered to be among the best investments in today’s world. Buying a commercial plaza can increase your wealth in multiple ways. A plaza consists of many rooms which can be rent out as shops or offices as per the customer requirement. Now, the question is how to buy a plaza that is according to your needs.
First of all, you need to shortlist the area where you want to invest. Likewise, spend some time in that area to watch the public flow and their needs. You should also be aware of the basic needs in the area. For that matter, you should also contact a real estate market analyst and several property agents.
They can provide you the overall picture of the investment and the future of the property. Further, you need to visit online property portals to take help from them. Several websites are working online that show you plaza for sale in Lahore, Islamabad, Karachi, and other major cities of Pakistan.
Is Commercial Plaza Worth Buying?
The commercial plaza is a smart investment because it provides your monthly income in terms of rent and the worth and value also increases over time. Similarly, it provides massive cash flow because the business owners do not delay the rents and they occupy the plazas for a long time.
Commercial plazas provide a high return on investments (ROI) which allows income to income to increase gradually. The best thing which attracts most of the investors to invest in plazas is that the tenants maintain the rooms, shops, offices, that are present there. You need to take little care about the damage control and the earning remains a bit higher.
Can Plaza Be Used as a Hostel?
Certainly, a hostel is used for business purposes. Therefore, it can be settled in a commercial plaza. Before you convert your plaza into the hostel, you need to be aware of the surroundings. If the plaza is situated near the residential area, the residents might not like the idea to convert the plaza into a boys’ hostel due to certain reasons.
Similarly, an investor needs to be conscious of the zoning of the plaza. So, before you make a decision, think many times about these things.
How to Rent Out a Plaza for Offices?
As mentioned above, when you buy a property, you need to understand the requirements of the area. You can not compare apples with oranges. It means that it is not suitable to buy a plaza in a busy area rent it out for hostel purposes. Likewise, it is not reasonable to use the plaza for offices near a college or university where a hostel is needed.
So, you have to do complete research and development in the area to attain the maximum understanding of the customer’s needs. In this matter, you can also get in touch with a real estate agent and provide him the basic information about your requirement for the tenants. They will guide the tenants towards you and get their commission.
Which Floor of the Plaza Is Most Important?
Generally, the tenants look for the ground floor of the plazas due to some reasons. For example, the ground floor shops attract maximum customers because they avoid going up the stairs for a thing that is available at the entrance. Moreover, the parking facilities are more often wide for the ground floor shops.
How to Find Plazas for Sale Near You?
There are two well-recognized ways to find plazas near you. The first one is to visit an agent and demand from him the relevant property. He will assist you to find the best one in your budget and will provide you an opportunity to visit the land personally.
On the other hand, you can visit websites in this regard to get the maximum information about plaza for sale in Lahore, Gujranwala, Karachi, Islamabad, and other cities.