5 Things You Need to Know if You are Planning to Rent a Commercial Property

If it is your first time to rent a commercial property, here are five important things you need to consider before you seal the deal:

You need to be specific on your obligations as a tenant with regard to repairs. Renting a commercial property entails a lot of complications in terms of rights and obligations with regard to the property maintenance.

You need to ask the landlord on what are your exact obligations with the word “repairing obligations” in the contract.

If you are planning for the property renovation, you need to ask the Landlord about your plan.

You need to discuss with him, your renovation plan and the extent of the renovation. In most cases tenants do not usually get any compensation when they renovate the property. However, there are instances where tenants get compensation in renovating a commercial place.

If you want to do some improvements in the property, you need to make sure to inform your Landlord about it.

It is not just about informing him about your renovation plan, but also an opportunity for him to refuse your plan.

In most cases, informing your Landlord on whatever improvement or renovation you will make in the commercial property is found in your lease terms of agreement.

Sometimes, even if it is in the terms of agreement that as a tenant you cannot make any renovation or alterations, these can also be ruled out if you really need to make some renovation in the place.

 These are the top 5 things that you need to know before signing a contract when renting a commercial property. So, make sure to read carefully your contract, do not hesitate to ask questions with the landlord in order to avoid any problem in the future.