Commercial Property 101: Leasing commercial space can be hugely beneficial for your business and a great way to cut down your overheads.
However, there are lots of things you need to consider before leasing a commercial property to ensure that you’re making the right decision for your business. Here are the most important things that you should consider.
The Lease Agreement - The terms of the lease agreement are really important. This is particularly so for a Small Business Opportunity or Franchise Opportunity. Often as small businesses finances the lease. As we all know, futures can be a little unpredictable so it’s best to take on a shorter lease opposed to a longer one that you may not be able to commit to if your finances change. The best type of lease to take is a one to two years one which gives you the option to renew at the end of the tenancy. Speak to a real estate lawyer if you do have any questions or hesitations regarding your tenancy as they will be able to identify any potential pitfalls. They can advise you accordingly on what your best move is.
Maintenance and Repair - Renting out a commercial property for your business premises can be a much more cost effective alternative to buying outright. This is if you’re unsure about the future of your business or whether you may want to move to a different area in the near future. This is true only if you don’t end up spending too much on the upkeep of your new premises. Maintenance and repair costs can be really expensive and waste a lot of your time. You may get a really good deal on a building that seems too good to be true. However, it might require a lot of work doing on it in the near future. Always look at potential premises with a qualified surveyor so that you have a valid opinion on whether or not you’re getting a good deal.
Potential Expenses - Often when you lease a business premises there are other expenses that come with the initial costs. Whether this is extra costs to rent parking spaces for employees or upkeep of communal areas which you might have to share with other businesses, assessing the costs of any other potential expenses is important before signing up to a contract that may be difficult to get out of later down the line.
Seek Advice - Talking through your business needs with a real estate company with experience. Take GVA Worldwide that can be hugely beneficial. They can also help to guide your business in the right direction. A knowledgeable company will have worked with similar small businesses to your own. Be able to advise you on the best prospects and solutions when it comes to locating a new business premises to rent.
Renting a new commercial property for your business can be a huge step to forwarding your business. By following these steps and planning your move to new rental property well in advance you’ll be sure to get the most out of your new property. And, make it work in the best possible way for your business.