Are you considering leasing a commercial property in Florida for your business, but on the other hand, you don’t have enough info. There are a lot of things to know and to consider before renting. If buying is not an option, then explore this field completely.
Commercial properties are not the same as residential
When choosing should you rent or buy a house, it is similar to deciding should you rent or buy a business space, but, not the same. Many businesses want to work fro Florida because of business benefits, taxes, affordable costs of living, etc. The first step for this job is to choose a perfect business location. Let’s talk before signing the leasing agreement.
There are 2 leasing methods of calculating – gross and net.
- Gross – it is a lump sum you should pay every month and other additional expenses, for cleaning, insurance, taxes, repairs are paid by your landlord. Rent is the same every month which is perfect for new startups.
- Net – compared to gross rent, net rent is cheaper but you will pay additional expenses. When leasing a commercial property in Florida calculate the best option for paying and how much you can spend.
How residential and commercial leases are different?
You must know the differences between these two leases before leasing.
- Commercial leases are not subject to most consumer protection laws which are not the case with residential leases.
- Commercial leases are not based on a standard form or agreement, which means that leases can be customized and changed. You can negotiate with the landlord and make a great deal together.
- It is not easy and simple to break a commercial lease, it takes a lot of paperwork and time.
What to know when leasing a commercial property in Florida?
Renting a commercial property is a big deal, no matter where it is. If you decide to rent it in Florida, then you should know what to pay attention to.
After signing the lease, move your business, but keep in mind that big companies should let professionals handle their move and there are plenty of reasons why. Safety, efficiency, time, money, etc.
Understand the entire lease
Are you sure you read the entire lease and understand every word? If you having a hard time understanding, read it together with your lawyer or counselor. If you are starting a business in Miami, then you definitely need professional help. Make sure that all the terms included especially if you had special requires.
Try to negotiate
Before making the agreement, try to get the best deal with negotiating. After reading the contract, you can suggest some changes and to make a new agreement with your landlord. That is also why you need to read it several times until you make sure you understand every word.
Common area maintenance or shorter CAM is something you must pay attention to because you will know exactly how much you need to pay for maintenance (what percentage). It will be mostly based on the percentage of the space you are renting in Florida. It may seem confusing at the beginning, but when you understand it, you can negotiate those CAM terms.
CAM stop lease
Pay attention when leasing a commercial property in Florida on CAM stop terms and ask about this. When you sign a lease you will pay for rent, CAM fees, property taxes, maintenance, etc. So, ask about for a CAM Stop lease and this way you will get a better price.
Is the lease assignable or not?
What if you want to sell a business or to move it to another location? Can you terminate your lease? Some business owners want to assign the lease, while the landlord wants to change the terms, for example. So, pay attention if the landlord has the right to terminate the lease or not?
Have your business structure in place
Your business must be in place in order to protect yourself. Before you sign, (if you are an LLC) you need to receive Articles of Organization from the Secretary of State ad other required documents and certifications
Hiring a company to move your items to FL
What to do after finding the perfect location and signing the leasing agreement for a commercial property? Of course, to move into your new business space. If you already have a business at the other location, you should transport all your business things into a new office. How to move all the items? It is impossible to do it by yourself, so hire a professional moving company. Big Man’s Moving Company Florida is one of the companies you may hire.
With all the info that you have right now, you should avoid rental scams and choose the perfect business space for your company in Florida. It will be a long process, especially if you are not from Florida and you need to move long-distance. But, this state has a lot to offer, both residential and commercial real estate.
When leasing a commercial property in Florida you need to pay attention to details in the contract, to check the property well (with a professional), to calculate costs in advance, etc. It will be easier if you have a team of people you trust on your side including a real estate agent from FL. Gather a team and make a plan together to improve business and to expand it on the Florida market.