Given the current economic scenario, most expert real estate consultants suggest that, it is better to rent a space for your commercial undertakings rather than buying a space. If it is meant for a small-scale business or a start-up, renting the office space is a much better option than investing on the property.
Tips to Note before Renting a Commercial Space
Be it a brand new venture or a decade-long business enterprise, the office space plays one of the most important roles in the success and growth of the company. Therefore, while choosing an office space on rent, the tenant should be very careful about a few important things.
1.Keeping the specific requirements clear in mind is very important. You should properly check whether the size of the space is suitable for the smooth running of your venture. You must consider things like the number of employee desks/cabins, separate rooms for conferences, restrooms and other necessary amenities the area can accommodate. Although there should be extra room considering expansion of your business in future, if you buy a new commercial space that is too large for your scheme, you will be wasting money by paying for space that remains unused for days together.
2.Make a clear estimate on how much you can afford to spend on this space. Choosing commercial space keeping your resources in mind would be a wise decision, as you might have to change locations due to unforeseen circumstances in future. In addition, a space being glamorous and spic and span, may cost high but may not be useful according to your requirements. So, do not judge by the appearance, buy the space according to your needs and your budget.
3.Location of the space you would rent for commercial purposes is a very vital factor. It plays a very important role in the growth and success of your business venture. Therefore, keeping certain aspects in mind, like the accessibility of the place, the environment, the cultural and economic background etc. are extremely important while making a choice on the commercial space for rent.
4.Do a careful and proper check on all the required amenities like lights, AC, taps, water and electric supplies and other furnishings and equipments you would need for your business.
The Contract is Extremely Vital
Before signing the contract with the owner of the commercial space you would be renting, be cautious to read between the lines and clauses in the contract, so that no one can trick you into a fraud.
Discuss and come to an agreement on all issues regarding increments, rates and deposits and make sure, nothing is agreed upon verbally.
Every point you agree upon mutually must have a written proof to support you in case there are disputes or misunderstandings in future.
It is always advisable to communicate directly with the owner of the space during paperwork rather than reaching the owner via agents, who might charge a lumpsum as brokerage fees.
Note all these important details and choose the space that would be best suitable for your endeavour to reach the highest peaks of success.