Since Covid 19 struck early last year, working from home has become the new normal. But does this mean that office spaces are no longer important? Absolutely not! Having an office space is vital for any business. In as much as many businesses have been struggling to stay afloat, work has to be done regardless. Keep in mind that some business deals still need to be done within the four walls of the office.
If you have been thinking of leasing an office space for your business, there are mistakes that you should avoid at all costs. Let us look at some of them;
- Not having a budget in place
The number one mistake you can make when looking for an office to lease is not having a budget. First, decide how much you are willing to pay for the space and if you can be able to handle the rent for at least a year. This will be a deciding factor when hunting for the office space. Choose an office that fits your budget; you do not want to go broke simply because you choose an office that you cannot sustain in terms of rent.
While you might want a shiny office that captures the attention of anyone walking in, sometimes the price tag might be above your budget. What you can do is find an affordable office space and revamp it on a budget.
- Not hiring a broker
While you might think that hiring a broker is too much of an expense, it is not the case. Not doing so may cost you a lot more down the road. The real estate industry is ever-changing, and you might not be up to date with some of the current trends. To be on the safe side, work with a broker. The broker has enough expertise on matters to do with commercial real estate and is in a better position to advise you on what to do and what not to do. Also, they can help you bag a good bargain for your office space.
- Not reading the lease agreement
Not reading the lease agreement is a mistake that you do not want to make. Take your time and go through the whole document and understand fully. Find out if you will need to hire a reinstatement contractor in Singapore, if you can terminate a lease before its time, the cost implications, and so on. You can hire an attorney to help you understand the jargons that are highlighted in the lease agreement. Moreover, the attorney will be able to protect you from the terms of the lease.
Before leasing any office space, it is imperative to have a budget in mind, go through the fine print of the lease agreement, hire an attorney and broker to help you with the whole process. So much so, consider your business needs and future plans before taking the plunge.