Choosing a location for your new business can be a challenging and stressful task to go through. There are many options of leases that you can choose, and you may find the process of making a choice difficult. In particular, you may have seen references to triple net leases, but if you are not familiar with this leasing option, you will likely benefit from having the following questions addressed.
How Does A Triple Net Lease Work?
A triple net lease is very different from most other leasing options. Under most leases, the landlord is responsible for maintaining the building, paying the property taxes and a host of other responsibilities. However, triple net leases work differently because you will be responsible for these aspects of the building.
The length of these leases work similarly to standard leases in that you will sign it for a given amount of time, and at the end, you will usually be given an option to renew or extend it. In the event that your business fails or needs to abruptly relocate, you will still be responsible for the cost of the lease.
What Are The Benefits Of Opting For A Triple Net Property?
The additional responsibilities that come with this type of lease may seem a little concerning, but it should be noted that these properties can come with a number of important benefits that may be useful to your enterprise. One of the more important is that you will likely be given more flexibility to make modifications to the building. These modifications are often needed to make the interior of the building more conducive to your needs.
Another benefit that comes from signing this type of lease is a reduction in rent. Due to the additional expenses that you will be shouldering for the property, it is common for landlords to offer deep discounts on this type of lease. The exact amount will vary based on a number of factors, but regardless, this may be an option that your enterprise should consider.
Signing a triple net lease can be an excellent option for your business, but it is important to be well-informed about this option before you make a final decision about signing this lease. Understanding the basic differences between triple net leases and standard leases as well as realizing the benefits that these differences can offer you will make it easier for you to make informed choices for your business's needs.