Once you have decided that you need to relocate to a new office rental space, take some time to carefully plan your budget so you know where you stand going into negotiations. Here are a few office space expenses you might consider, as seen in the article, 5 Expenses to Budget For Before Finalizing Your Office Space Lease:
- Proof of Financial Stability. Landlords typically need to see some sort of proof that you can afford to pay rent. This might be in the form of profit/loss statements, balance sheets, or 2-3 years of personal tax returns.
- Deposit and rent for the first month. The security deposit, which is equal to one month of rent, and your first month’s rental payment are both usually due on the day you sign your lease. With this in mind, make sure that you ask potential landlords what will be due on the signing date so you are not surprised by any extra cost.
- Insurance. The landlord might have insurance on the building itself, but you will have to acquire general liability and property insurance.
- Technology. Landlords usually do not pay for things like your phone lines and data cabling, so make sure you get a few quotes on installing these necessities before signing.
- Costs for additional services. This might include the cost of movers, furniture, new business cards, printing and copying services, internet, phone, etc.
There are many expenses to consider and budget for when looking for an office space, but these basics are a good place to start.