5 Important Things You Needs To Know About Commercial Leases Before Starting Your Business

Purchasing a property for your business requires several points to consider. You have the think about the size, location, the safety of the building and whether there are any repair costs. These are mainly aesthetic elements that you’d consider, but what about the legal aspects of purchasing a commercial property? There are minor cases where some business owners have the benefit of a large enough investment to buy a property outright, but in the majority of cases, it’ll be a rented premise that’s acquired from a landlord. Within the lease, there’ll be clauses which can benefit the tenant and some which benefit the landlord. When taking on a lease, these are the important clauses that you should look out for:

The Term Of The Lease

This is essential to any lease. If there’s no term, then there’s no lease. A commercial lease tends to average about 5-10 years but there can be flexible with your term depending on the nature of your business. A restaurant, for example, may need more than 5-10 years to grow, in which case you may wish to spread the costs out for longer. It’s all about finding a term that’s suitable for you. One thing …

Top Reasons Why Business Should Buy Commercial Property Instead Of Renting

One of the biggest issues that you have as a business owner is determining what will benefit your business more, renting a property or purchasing one? You’ll always look to save money wherever possible whilst also making sure that the property you purchase will benefit your business long term. However, although it can be a large commitment there are several reasons why purchasing a commercial property could be more beneficial for your business than renting.

You’ll Have A Secure Location

Landlords can insert many clauses in a rent contract that can provide uncertainty around your business. This is something that you really don’t want if you’re trying to create a stable business for the long term. By purchasing your own property, you’re provided with a permanent place for your business without being leased out of it. This saves you worrying about your next move every time your lease ends.

It Can Be A Stable Long-Term Solution

In owning a property, you’re making a long-term commitment to your own business with the impression that you’ll grow in the future. This is why creating a business plan is important. It can determine the long-term plans for your business based on your current …

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