What to know when renting a commercial property?

Since renting commercial property for your business is the quite complex procedure and possible financially risky and, at the same time, it will be one of the crucial costs for your business, you should pay attention to do it properly. Myriad of legislations, legal aspects, hidden costs and fees and other issues should be taken into consideration, so hiring a professional real estate agent to assist you is a wise thing to do. The agent will guide you through the whole procedure, advise you and take care of all the legal aspects of the leasing process. Here are just some of the main things you should pay attention to when renting commercial premises.

Fit the building with your needs

Before you start looking around for a commercial building to rent, make a list of specific characteristics and requirements your business needs to have fulfilled. Use these terms to narrow the choice of objects to rent. Consider the total space you are looking for, the location, transport links, infrastructure of the building and many other aspects.

Check the basic legal aspects

Before getting involved with any contracts, at least be sure the owner you are negotiating about the rent truly is the owner of the building. Also, check the basic licenses for renting and construction licenses.

Compare your budget to total expenses

Never forget to ask and sum up all the expenses, including the hidden ones, aside from the basic sum required for the rent. Check all your financial obligations and confirm them in the contract. Specify the amount of the rent, the schedule of paying and the methods of paying. Ask about additional costs, required deposits, fluctuations of the prices and fees for various services.

Be very precise about responsibilities

Make sure to specify clearly in the contract the full list of your responsibilities, as well as the landlords. Every item you have signed and agreed within the contract applies to you, and you have to fulfill it. So, be careful what term of business you accept. Careful with parts of contract referring to maintenance and repair expenses, including both interior and exterior, security policies, fire and flood safety, ending date of the lease, extending the contract and many others.

These are just some of the major aspects of renting a commercial property you should pay attention to. However, it’s still the safest to handle the procedure to the professional real estate agent.

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