For many property owners, renting out commercial space for the first time can be a confusing and stressful process. However, from the design stage to finding a business to rent your property, the process can be relatively simple if you follow the right steps. In this article, it will determine all the factors that you need to consider before you rent out your space to others.
What practical features should you install?
- It is important that you know what features you are going to provide for your tenants and that you ensure that your office has all the practical features that a business needs.
- These include features such as toilet cubicles, as, by law, every office must have sufficient toilet facilities for their members of staff. If you are looking for the best place to find toilet cubicles for your office, Concept Cubicle Systems can help to provide you with practical and hygienic areas that will serve their purpose in a reliable manner.
- It is also important to think about the practicalities of running a business and how to embed these into your design. For instance, every business will need access to laptop space with nearby plugs and charging points for their gadgets, as well as meeting and conference rooms, and sufficient desk space for all of their employees to work without distraction.
Have you checked health and safety specifications?
- You also need to make sure that your office is in line with health and safety specifications. For instance, you need to make sure that the office is run on modern electrics and that there are areas with loose wiring that could cause trip hazards. There should also be no instances of toxic materials in your office such as asbestos, and if you are unsure, you should get a certificate for this before you decide to rent your property out.
- Although many of the health and safety conditions for employees will be the responsibility of the tenant, such as working temperatures and the maintaining of equipment, some of these belong to the landlord. This is especially the case if the landlord has some control over the property, if they share communal areas, or if the tenant is paying a service charge. Landlords may also be subject to conducting a health and safety risk assessment.
How much will you charge in rent?
- It is also important to decide how much you will charge in rent a month according to the cost of any mortgages or other expenditure on the property, and any deposits the tenant will need to make. The amount of rent that you charge should be a percentage of the property’s value and the number of square feet that the property has.
Renting out a property to tenants can be difficult, no matter if it is a commercial or private property. However, with the help of the right estate agent or advisor, as well as following the correct steps, this can soon become a relatively simple process.