If you’re setting up or running a business, chances are that you will need commercial property. For the vast majority of companies, that will involve leasing a property, rather than buying one. But what should you think about before you sign a commercial property lease?
A recent article for Business Matters Magazine offered some advice on the things to look out for.
Firstly, you need to work out the total cost of taking on the lease. This will often include costs additional to your rent, including VAT on the payments, service charges, insurance costs and utility bills.
If all of that adds up financially, the publication strongly recommends having a building survey carried out, just to make sure there aren’t any nasty surprises. Once you’ve reached this stage, you also need to check things like the length of the lease, what deposit you have to pay and whether there are any break clauses.
You may well also want to personalise your new business premises with on-site paint spraying, so make sure you’re allowed to do so under the terms of your lease. Check that you’ll have the right to renew the lease when it comes to an end too so that you don’t spend too much time and money fixing up a property you’ll have to leave in just a few years.
Should the property need any repairs to be carried out, make sure that you have a schedule of condition.
As a landlord, you’ll want to attract the best tenants to your property, which may mean you need to spend a bit of money yourself. Ensuring there’s a fast broadband connection and that the property is energy efficient will pay off when it comes to finding good tenants for your property.