You must have planned to expand your business. For this reason, you have started looking for a new office space. While going through the different options, you are not able to finalise the best one.

It could also be that you are planning to relocate your old office. Now, selecting a new place for the office requires you to assess a few factors. That’s why you are here to know the aspects that must grab your attention.

This is going to new outgoing for your business. Thus, leasing a new office should be a well-thought-out decision. The new place might cost more than what you can afford.

Besides, that new space might demand more rent than the existing place. This is going to be a significant move for the expansion of your business. The initial cost of sealing the deal with the landlord might be more than what you have thought.

If you have realised an additional requirement, getting business loans in Ireland can be a smart decision. You can meet the surplus need for money to move in and start a new journey. However, do not forget to make sure that repayment will happen on time.

Since the repayment term spreads over a few months, gathering loan payments will be effortless. These loans help you manage the upfront cost so that you can go ahead with this huge leap in business.

Renting a new space to set up an office for your business would need you to focus on a few factors. This blog is going to describe them one by one.

5 Critical factors to evaluate before leasing a new office space

Maybe your way of running the business will demand extensive liberty in the rented space. Thus, you must understand the extent of freedom you can get from the landlord. Not all of them will be ready to let the space be used the way you want.

They might have definite specifications, which you cannot ignore as the tenant. Besides, the office space should be somewhere that would benefit your business in every possible way.

1.     Will there be a rent-free period?

As a curios tenant, you will be interested to get this answer. This is because it will help you save money on the rent payment. Now, this will depend on the landlord who can only decide if such facility can be provided or not.

This could be their gift or incentive to new tenants like you. This will allow you to familiarise yourself with the place. Meanwhile, you can arrange the place and make it perfect for business exposure.

You do not have to worry at all while all these preparations are going on. Besides, moving to a new place, even for a business owner, will result in some expenses. You might have to buy new office furniture or even a coffee machine for your staff.

You can utilise the money that is extracted from the business’ cash reserve for rent purpose. This can be a huge financial relief for you.

2.     Can you renew the agreement once the term concludes?

Once your business starts running suitably in the new place, you will never want to change the location again. This might result in the loss of potential customers. Besides, finding a new and better place can be daunting.

Above all, you might want to focus on the growth strategies of the business. This can become difficult if you have to start searching for a new place again. You must discuss the renewal clauses of the agreement.

It should clearly mention when you and the landlord cannot terminate the agreement illegally. Besides, it should also highlight the new conditions to renew agreement. However, before everything, have a conversation with the landlord so that you both are at a common point.

3.     What would happen if you had to exit the agreement in advance?

It might happen that you have to leave the rented place all of a sudden. Because of constant losses, you are not in a position to bear additional expenses. Besides, you have decided to move into a cheap place to manage the overall cost.

Sudden steps like this might force you to end the agreement on short notice. It is crucial for you to discuss this aspect with the landlord as well. Include a break clause to enjoy more flexibility.

It will let you leave the agreement early but on an agreed upon date. Check with the landlord if this particular aspect is mentioned in the agreement or not.

4.     Are there going to be repairing and altering restrictions?

As a tenant, you might have to agree to keep repairing the property from time to time. Maintaining the condition of the new space will be your responsibility. Something that is not covered under the landlord’s insurance should be repaired by you without fail.

The condition of the property you want to lease might not be in great condition. In that case, you might be obliged to keep the present condition of this place intact until the term ends. This also applies when you are leasing the new space for a short duration.

The condition of the property should not worsen when you are using it for your business. As a benchmark, you and the landlord should submit relevant photographs and details. When you lease a space for commercial purposes, you can make any structural alterations.

You can refurbish it after getting permission from the landlord. Avoid making any alterations without seeking the consent of the landlord. Maybe you have to negotiate and convince the landlord to make certain modifications for the betterment of your business.

5.     Will the rent amount remain fixed for the entire term?

This will definitely be your greatest concern. This is because you should be able to afford the additional expense that might occur in the form of increased rent. When you rent a space for a longer duration, you must be ready to see some upsurge in the rent.

The landlord will review the rent on particular dates as mentioned in the agreement. After this, they will decide how much should be increased. It will also clarify from when the increased amount should be paid.

The bottom line

Leasing and shifting to a new office space can be exciting and expensive as well. If you think you have a funding gap to cover, you can check out borrowing options. Getting no credit check loans in Ireland from direct lenders could be an avenue for you.

These loans need no credit verification. It can be a blessing for your business if it is struggling with poor scores. Moreover, with online lenders, you have the liberty to fetch approved sums of loans online.