When attempting to start and grow a business, an essential step is finding a building to lease. There are quite a few commercial buildings available and choosing one means that the business owner will need to sign a commercial lease. However, Commercial Leases can be complicated, which is why it is essential for a business owner to learn a bit about them, prior to signing on the dotted line.
Setting the Lease Term
The first negotiate point of Commercial Leases is how long it will last. The trick for the business owner is to find a time period that will not have them over-committing. This provides some long-term flexibility. It is a good idea to negotiate a single year, or two-year lease initially, with the option to renew it if desired. It is also important to factor in and negotiate any rent increases over the period of the lease so that no unexpected new charges are applied to the property.
Negotiate the Expenses
Just like a residential lease, commercial landlords will often add on a number of extras, such as the upkeep for a shared facility, fees for maintenance and others. Business owners need to consider how the utilities will be paid and if they are figured into the rent cost. Figuring out all the hidden costs will help ensure that the person renting the space is not surprised when the rent comes due each month.
Who is Responsible for Repairs and Maintenance?
One of the best parts of renting a commercial space is having the landlord take care of all repairs and maintenance that are needed. However, this should not be assumed. Be sure to read the fine print in the lease prior to signing to ensure that maintenance and repairs will be taken care of by the property owner, rather than the person renting the building.
More information about negotiating a commercial lease can be found by contacting the professionals from Crown Properties Inc. Don’t attempt to do this alone, since it may result in a lease that is not in the best interest of the renter. Taking the time to use the tips here will help anyone negotiate the best lease for their particular needs. You can also Like them on Facebook.