5 ESSENTIAL THINGS TO CHECK BEFORE TAKING A PROPERTY ON LEASE
Leasing property is at times the right decision when you are not looking forward to buying one. There are many commercial properties one can take on lease for the longer duration. Though nowadays the laws are very convenient to solve any problem arises during the span of leasing property for both the parties, it is advisable to the tenant to know a few things before taking any property on lease from the owner. Have a look at the top 5.
1. ASK WHAT THE RENT AMOUNT INCLUDES:
Sometimes the rent amount you are asked for includes many other things rather than just the space like the electricity and the water bill. Mostly the commercial properties don’t add those things to their rent amount but thought you need to be sure; you might ask to be clear about the words.
Ask if the property you are leasing has free and spacious parking. You can be charged for parking your vehicle if the property doesn’t be avail with a free parking benefit. Generally, the parking problems arise when you are taking the property in a commercial area.
2. CHECK IF YOU ARE ALLOWED TO DO ANY ALTERATION:
It’s not always necessary that you will like the entire structure of the property you are leasing. Maybe you want to see some specific changes to make the property worth your use. Before doing anything by your choice, it is better to ask the property holder that if you are allowed to make some specific changes according to your requirement.
If it is so then only, it will be advisable that you go for alteration and addition to your rented property. Don’t interrupt to the clauses if the change is not allowed. You can go and check more features instead.
3. CHECK IF YOU CAN SUB-LET THE PROPERTY:
Many companies’ wishes to sub-let their property they have taken for rent to cost-cut to their organization. Nowadays the co-working culture is very in trend, but you must check if your lease agreement allows you to do so.
If you want to sub-let your property to other business holders to share the rent you are paying to the property owner, then you must mention the clause in the agreement. Without the concern of the property owner, it is illegal to sub-let your property to someone else.
4. DISCUSS OVER ANY TERM THAT IS NOT ACCEPTABLE:
A lease or rent agreement consists of many points, and the points are written in favor of both the parties. Some points may include the clauses wanted by the property owner, whereas there will be some point where the rent giver can put his/her own desired terms and conditions. Once both the parties mutually agree to each other’s terms and condition the property in rent come to action.
Even if the property owner has good terms with you, don’t ignore any such point where it is hard for you to accept. If there is any such point where you think, the end is not serving your purpose or if you feel that is not very fair to your desires, feel free to talk to the property owner for an alteration in the agreement.
5. ASK FOR EVERYTHING IN WRITING:
Don’t lease, rent or sub-let any property just by verbal discussion. The more there is an advancement in other tools and technology, the more there is an advancement in cheating techniques. A property leased and invested upon should have a physical and duly signed rent agreement. All the clauses that are coming under the contract must be mentioned over there.
The tenant must know all the exit rules and the owner must be aware of all the business and activities going to take place under the roof. A written document is a sign of a healthy tenant-owner relationship. Be cautious.