Whenever we think about signing a legal contract involving a financial commitment, a phobia immediately strikes us all, making us procrastinate for fear of an uninformed decision. The rule applies to hiring office space, especially for small business owners always looking to save funds for growth prospects. Where the very first step towards setting up the workplace is going the shared infrastructure route, the journey further is even tougher. Here are a few considerations before inking the lease, and they are all far from the basic:
The option to lease an office in a prime location at an unimaginably low price could easily fog the brain to think straight. It could immediately start a string of wrong decisions, all because of finalizing your contract without contemplating the ideal terms and conditions. Discuss the lease terms, like if there are any hidden costs, whether utilities are included in the rent, etc.
Knowing the space available to you in square meters and visiting the office to gauge the real room to accommodate your whole team and clients are polarized facts. Choose your office space based on the latter one. Also, factor in the probable future expansion by checking the availability in your office area's either side.
Before hiring the ideal office space, get a clear picture of all the amenities promised in the monthly rent. Do not forget to ask for all of them in writing to stay clear during dispute redressal.
Onus of repairs
Repair costs could be a point of biggest disputes in some executive spaces. Know your status well beforehand. If the onus for repairs is on the property owner, have it declared. But if it is on you, ensure to create a mini 'Repair Fund' from your monthly revenues.
Parking woes are probably one of the biggest concerns of physical offices. It becomes even bigger if you are leasing a co-working space. Thus, talk it out during the initial stages to avert any extra cost or inconvenience to your employees and clients.
Most co-working offices are pre-set and might allow little to no customization. However, not every office rule is alike. Discuss them before inking the contract if you already have customization plans.
Early exit terms
Lastly and most importantly, always discuss the repercussions in terms of cost in case of an unplanned early exit from the lease period.