Criteria Checklist for Finding a Commercial Property
The search for any property can be a long and potentially difficult process to find the right place that accommodates for all of your needs. If it wasn’t hard enough to find a property to reside in, the challenge can be far greater when finding a commercial property. Nevertheless, with the right guidance and a planned approach, it can be a lot easier than it seems. This article will highlight the key areas to consider when looking for a commercial property. (Related topic: office space for rent, office space for sale, office space for lease)
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Buy, Rent or Lease?
The first thing that you need to determine is whether you are looking to buy, rent or lease the commercial property you are after. There are many external factors to consider such as predicted growth, costs, security, etc.
Costs are relative to your budget, but if you just venture out into the market without knowledge of how costs should be, you could end up spending much more than you should. Be vary, educate yourself and consult with professionals before committing.
Many commercial properties will come with added costs that may be hidden at first. Ensure you read and understand everything on the contract to avoid any potential unexpected costs.
Sometimes you may find somewhere with the right location, a good price, and a good size but needs internal improvements in order for you to operate in. The costs can be quite high depending on what needs to be changed, so it is a factor that can’t be ignored.
If you find a property that resides in a complex, you may want to secure exclusivity rights to prevent competitors from opening in the same building or complex.
Something you may not want to think about. However, if your business goes south and you need to vacate the premises, having inventory liens will protect your physical assets inside the property.
Right to Assign New Lease
For many successful companies, growth spurts happen unexpectedly, meaning that you may find yourself needing to move to another property to enhance business performance. If you don’t have the right to lease, you may find yourself putting business on hold while your landlord is reviewing your request.
To conclude, these are just some areas to explore when finding a commercial property that is best for your needs. There are many other areas that shouldn’t be overlooked and the best way to ensure you are not accidentally overlooking anything is by securing the services of a professional to help you make the right decision for you and your business.