Five Key Things To Consider When Renting Commercial Property

What are some of the key things you ought to consider when searching for commercial

property for rent? Finding The Right Property Most businesses grapple with finding suitable premises for their operations. Finding the right property is crucial in so many ways. With the hard economic times, cost savings are obviously an important consideration. Considerations such as location, budget and size are important. But it doesnt end there! So, what are some the things you must consider to find the right property?

Understand The Lease Most entrepreneurs or business owners rush to sign lease agreements they dont understand. This typically marks the beginning of your rent problems. It is important to carefully read and understand the lease agreement. You need to know what you are getting yourself into. Protect yourself from future surprises, whether in costs or litigations from terms you never knew existed in the lease.

Check notice periods, conditions for rent, etc. Have a real estate agent or property attorney help if you cant make sense of the lease on your own. Other considerations include aspects such as insurance, electricity, gas, water etc. Whose responsibility is it to pay for these amenities?

Negotiate Better Rates If Possible Dont rush to sign a lease if you can negotiate for better terms. This is especially crucial for long term tenants. Some pragmatic landlords offer discounted rates for reliable long term tenants. If you find an agreeable landlord, try and negotiate for a lower rate. It is crucial for small businesses or startups whose budgets may be limited. Landlords know that it takes forever in certain locations before a new tenant can move in should one move out.

They therefore want long term lease agreements. Repairs Or Dilapidation Most tenants rarely think about repairs or dilapidations during their occupancy. But these can be quite expensive when moving out. Most landlords will demand you leave their property in the state you found it. You can either have the landlord do it and hand you the bill or do it yourself. The best thing to do is ensure you leave the premise with as little damage as possible. To avoid unnecessary costs, make a detailed assessment of the state you found the property.

Assigned Lease Obligations On Incoming Tenants This may sound unlikely but believe it or not, it does happen, especially for assigned leases. Whenever you assign a lease, be sure to understand what your obligations are. For instance, what happens if the new tenant defaults on rent? Does the responsibility fall on you?

Check to ensure the lease doesnt leave such a burden on you. Otherwise you risk unnecessary additional costs after you have left the property. If you have a personal property attorney, seek advice on the best way forward with assigned leases. Extra Necessary Facilities Some other necessary facilities include telecommunications infrastructure.

For instance, does the property have fiber optic cables? Is high speed internet available? In addition, does the property have restrooms? How is the security? Most of these facilities are largely determined by the location of the premise. That is why it is also important to find a suitable location.

by: Ariel Socias

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