Welcome back! Are you ready to learn more about why it's important to understand the lease you're signing? If so, you'll find the following information helpful! If you're looking for affordable coin operated washers and dryers in North Carolina, call T & L to save time and money!
We know how hard it is to fully understand a lease if legal terms and phrases are used throughout the document. However, you have the right to hire a lawyer if needed. At the very least, you can ask the landlord to help you better understand what is written within it. You can also negotiate and ask for certain things to be added in your own words.
Below, you will find several options to consider asking for when working toward signing a lease. These negotiation tips will help anyone who's getting ready to open a business and lease a building.
- Petition for a lease that does not require a personal guarantee.
- Request that rent doesn't increase more than once every five years. At the very least, ask for a five-year lease with a renewal option of 2 to 5 more years after that.
- Ask that no triple net charges are applied at any point during the lease.
- In the event that the lessor chooses to sell the building, ask for a first right of refusal to buy it.
- Should the building incur damage from unforeseeable issues or natural causes, ask for a cancellation option.
- Request that rent is not subject to increases in the CPI no more than 4% each year.
- Question whether there’s a renew option after five years. If there isn’t, request one.
- Ask for a 10 to 15 year lease agreement.
Taking the longest lease possible should be a priority. However, you don't want to have a lease larger than the expense of your highest payment for equipment or other overhead, or have large increases in rent throughout each year.
Negotiations are a large part of reviewing and signing a lease. It's important to understand that you can work with a landlord and have both your interests covered. Be sure to make your wish list ahead of time and know that staying calm and keeping the line of communication open is key to ensuring a great lease for your business.
To learn more about lease signing, including commonly made mistakes and how to avoid them, be sure to visit back for our next blog post. We will have more information there.
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If you’re ready to talk with T & L about purchasing commercial washers or commercial dryers, contact us. We are here to help you with all your laundry equipment needs. Don’t hesitate to call with any questions or concerns you might have about our products. We hope to work with you soon to help you start saving time, money and energy with the best commercial laundry equipment on the market!
