Are you planning on expanding your business or perhaps just moving to a bigger and better location? If yes, you will undoubtedly need to look at commercial space and ultimately make an offer on it. Do you have prior experience doing this? If you do not; have no fear, we are going to give you some helpful tips on how to negotiate a lease on a commercial real estate property. You may want to jot down some notes; school is now in session.
The first tip we have for you is to determine what your needs will be. You may want to create a checklist of those needs you deem to be essential. These needs include how much space you will need, how much parking space you will need, and will you need a lot of storage space. Perhaps the most essential need will be for a prime location near major highways and/or public transportation. There will be somethings you think you need but that you really can do without. Maybe once you have met your essential needs, you can also consider some of these. However, keep these on the back burner for budgetary reasons.
That brings us to our next tip; your budget. Every business typically has a budget; especially when it comes to a major expense such as moving. You will want to know what you can expect to spend on your new property. Also will you be renting it or buying it? Those are major factors in negotiating your commercial property deal. You also ought to compare the costs of the different properties you are looking at and how they stack up against each other. You are going to want to do some studying on this subject.
One crucial tip we have for you is to know what the laws and regulations are that govern where you will have this property. For example there are neighborhoods that permit commercial properties in largely residential areas. However, the majority of neighborhoods either feature one or the other. This is especially important to know if you are downsizing your office and looking to run your business out of your home. Even if you are looking for a commercial building; it is still important to know if any local ordinances will affect your business BEFORE you sign a lease or buy the property. It might also be wise to seek the advice of a local real estate attorney on this matter. Better safe than sorry.
One last tip we will leave you with is to know what you are doing. Do your homework before you even begin to look at making an offer on a commercial property. The tips we have provided here are just the tip of the iceberg. There are more where these have come from. You can go onto the Internet and do a search. You will find links to articles such as this one that ought to prove helpful. Additionally you may want to contact a realtor that specializes in commercial property. He or she can give you some excellent advice.
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