After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
Renting commercial property is a bit different than renting residential property. This becomes very apparent when you get a copy of the lease and start to see new terms on the lease. If you think that you have found the perfect commercial property for rent, there are a few key things you should look at and consider before you sign a lease. Here are a few of those things to look at and consider.
Common Area Maintenance Fees
One of the things that you need to consider prior to signing a lease for a commercial property for rent is the CAM fees, or the common area maintenance fees. CAM fees help to cover the care, maintenance, and upkeep of things such as landscaping, the parking lot, and dumpsters that all of the businesses in the building or shopping center use. The CAM fees may be split evenly among the tenants or may be based on the number of square feet that each building owner rents.
Another important element that you should consider prior to signing a commercial property lease is exclusive rights. Exclusive rights means that you are the only business in the building or shopping center to offer certain products or services. For example, if you own a nail business, you do not want a nail business moving in next door. As such, you may want to ensure that your property lease states you have exclusive rights to nail services.
Options and Rent Escalation
As you look at a commercial property for rent, you may be looking at properties that are within a certain price range. However, most commercial leases list options and rent escalation. This means you know exactly how long your lease goes, how much your rent increases each year, and whether you have the ability to extend the lease for a certain period of time once after the lease expires. For example, you may have a five-year lease with a two percent rent escalation per year, with a five-year option at the end of the first five-year lease. Always pay close attention to these elements so you find a place you can afford not only now, but in a few years as well.
Finding a commercial property for rent that you like, is in the area you desire, and fits within your allotted rental price is only the first step of finding the perfect rental. Once you have found a property you like, you should get a copy of the lease and pay close attention to things such as the common area maintenance fees, exclusive rights, and options and rent escalation. Paying attention to all of these things will help you hone in on the perfect commercial property for rent for your needs.
For more information about commercial property rentals, contact a local company.