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I have found a property which i may be interested in renting. However, i haven't yet finished my business plan or applied for any grants. Is it too early to be viewing property as i don't want to appear as a time waster.
Also, what sort of questions should be asking about the property as i don't know much about this side of things
04-12-2003, 12:27 PM
It is certainy a good idea to start looking at property as you will need information on this area for your business plan with detailed costings, reasons for location etc. Let the agents know when you would be looking to occupy premises once your funding is in place.
With regards to the property itself, you do need to be careful when entering into any type of lease and I would strongly recommend that you get a solicitor involved at the early stages. Remember to cost for legal advice in your forecasts.
When looking and making your costings, you need to take on board the following areas:
1. Lease. How long is the lease for and when are breaks included. It is usual to have a 5-10 year lease with a break clause at 3-5 years where you are able to get out of the lease should you wish to move. They also usually cover a rent increase at this time as well.
2. Will the space be big enough for the length of lease
3. Is there a service charge or is it a full repairing lease (no service charge but you pay for all repairs during lease period)
4. How much rent deposit do they want to hold.
5. What rent free period will they give you. It is usual to have a month or two for you to fit out the premises rent free
6. Can you sublet or reassign the lease should you need to move before the end of the lease
7. What rates are payable and what are the average bills for heating/light etc
8. Does it comply with health and safety regulations (i.e. separate kitchen and toilet facilities) and are the fire escape routes certified
9. Will they want a guarantor as you are a new business?
Also bear in mind how much each property would take to fit out/decorate. Does the property portray the right image and location for your business. Is it easy for staff and clients to get to. Can you put signage outside to advertise your business.
I hope this is a useful start for you and not too baffling - let me know if you need anything further explained.
05-12-2003, 10:50 AM
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