Owning commercial property is considered as one of the most valuable investment decision one can make. However many of us do not have the financial capability to buy these properties in own-off payment. This should not hinder you but ought to find an alternative and that is leasing. This will keep you going before you can amass enough the capital to buy. The question now becomes, what do you consider before leasing commercial property or housing apartment or when in the real estate business. Let’s take a look at important aspects you should put into consideration as you take the leasing option.
1. Choose the location: The location of the property is crucial. For instance if you are into business the location will greatly influence the performance of your business. If you want your business to be located in within a shopping mall then you will need to find a shop that will work to your advantage. You surely do not want a situation where yo are facing a competitor.
2. Choose the right landlord: Be it a residential house, or business property your landlord can either make or mess up with your life and business. You need an honest landlord who will explain the fine print in full detail and be open to your needs and desires. Make sure the landlord is in legitimate business to avoid running into trouble later. Make some background search on the property to make sure you don not run into some rogue landlord.
3. Open contract: it is advisable to choose a property that assures you of the freedom you want. This could be in terms of space or the duration you want to lease. It is advisable for you to enter into a short-term contract probably 1-2 years. This gives you the freedom to either renew the contract if you are satisfied with the property or abandon it if you are not. Most property contracts are legally binding and a long term contract may be binding especially when the property no longer pleases you. You could as well consider property change due to the pressures of expansion or contraction.
