Setting up shop is a dream many people have. So, when an opportunity comes knocking around, interested parties easily grab the chance to rent their very own commercial space. Whilst working in a virtual office has its perks, nothing beats having a brick and mortar establishment that instils a sense of trust and credibility to the public.
Aside from making the right impression on your clients and consumers, signing a lease means that organisations can work more closely together and lower expenses over time. However, some small and medium enterprises enter into a contract without thinking long term or without having a concrete plan in mind. Often, they even lack the proper knowledge of how long they intend to stay and if they have plans for business expansion in the future.
Because of this, potential tenants tend to encounter problems for the duration of their lease. Below are some common issues you might want to pay attention to:
Terms of Lease
For enterprises that are still in its early stages, you might want to research on the different kinds of commercial real estate leases. Some of these include:
- Gross Lease
Gross lease is the standard and fixed rental fee. This entails only paying for the basic leasing fee, including taxes and other auxiliary charges.
- Double Net Lease
In addition to paying the monthly rental fee, tenants also need to shell out money for the insurance of the space.
- Triple Net Lease
Essentially the same as its double net counterpart, only this includes paying for property maintenance as well.
Since these types of leasing tend to reduce the burden of having to pay for the full amount, most landlords prefer to offer these options to interested, particularly the double and triple net choices. As the economy continues to affect the constant growth of real estate prices, tenants will also experience a rise in its taxes. As newcomers in the industry, it’s no surprise that you want to protect your organisation. With the help of Brisbane property lawyers, you can properly determine the amount you should be paying for. These commercial lawyers can help review your lease, allowing you to make the most out of your investment.
Repair and Maintenance Problems
Many landlords expect tenants to hold sole responsibility for extensive repairs. Often, these can even come outside of what tenants have already paid. To help you reach a compromise, try negotiating in leaving it in the original state you found the space. This helps you avoid paying for damages that were already there in the first place.
Forfeiture
Down payment and other investments on commercial spaces can easily be forfeited if you fall short on the terms outlined in your agreement. However, if the contract was terminated prematurely and on wrong terms, you may be able to bring a claim due to unlawful action and forfeiture. With the assistance of conveyancing lawyers Brisbane and commercial property attorneys, you can bring your case forward.
As a tenant, it is your right to know everything before committing to a binding contract. With the help of professionals in the field, you can finally maximise your hard-earned investments. These commercial property attorneys will do everything to safeguard your interests.