Locating a Retail Space for Your Store and Negotiating the Lease
Locating a Retail Space for Your Store and Negotiating the Lease
You should also have an inspection done of the building by a licensed property inspector. The inspector will look at the air conditioning, heating, plumbing and electrical elements of the retail space.
Understand Future Costs
Utility costs can sink you if you are not prepared for them. Heat, water and electricity can really cut into your profits, so it is important that you talk to the landlord of the building and ask for a history of utility costs if possible. This will give you a clearer idea of what you may be paying each month.
The Importance of the Walk-through
Doing a walk-through before you take possession of a retail space allows you to list any defects you see in the building. By doing this, you won't be on the hook for those defects when your lease ends. Some landlords will try and get you to pay the costs to fix defects that were not your fault. By doing a walk-through and documenting the defects, you can prevent yourself from paying any unwanted costs.