Wishing to start a new business? Need space to set up your business and see it grow? Then you would definitely look for people who are ready to rent their property for commercial purposes. While looking for people who are renting commercial property for livelihood or other reasons you need to keep numbers of things in mind. It is because getting a commercial property on lease is not just enough. It is something more than that and in fact very much important. After all you will be using someone’s space for considerable time period. For this, you have to discuss and decide numerous things with the landlords. Here is a list of some of the significant things that need to be considered while looking for commercial property on lease.
Ask for rent and mode of its calculation– Before finalizing any deal with those renting commercial property you definitely need to ask for the rent amount and the mode of its calculation. It is because different landlords calculate rent for their properties in different ways depending upon numbers of things or factors. Therefore you must clear all these things beforehand so as to avoid any confusion or problems later on.
Time period for the lease- Check and confirm if it is a short-term lease or long-term lease. Also keep in mind the type of business you are dealing in or the purpose for which you are getting property on lease. It is because some businesses are such that need to remain stable at one place for its growth and development while some others are flexible in this regard.
Additional costs– While getting a property on lease for your business or any other purposes you need to check additional costs too. You must confirm with the person renting commercial property what taxes, insurances or other maintenance charges you need to pay. Also confirm if these are to be paid to the landlord or respective authorities separately. It is better to confirm if you will be required to pay for repairs or replacements in the given property during lease period, if so required.
Rental increments and extent of increase– It is also important to confirm about any increase in the rent during lease period. You must check and confirm how much is rent increased and after what time period. You must be totally clear about these things so that you may decide if you can really afford to pay the current as well the increased rents.
Security requirements- Some landlords ask for some amount of advance payment in the form of security for the given property. In some cases, the security amount is refundable while some others ask it on non-refundable basis. Also some landlords adjust this amount in the monthly rental after some time period. Ask all these points well-in-advance so that you
may make necessary arrangements accordingly.
Getting the right type of commercial property on lease is really important for any business. It is because you can succeed in your field only if you are operating your business from the right place. Therefore it is important to get any commercial property on lease after making thorough research and comparisons.