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Updated about 6 years ago on . Most recent reply
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First Commercial Property - How Different from Residential???
Team,
I purchased my first commercial property. It is actually a trip-plex with one unit as a storefront. It is currently vacant and requires little cleanup to get ready for rent. I have a sign on the window but have yet to list it on the market as I want to be sure that I understand how to manage this differently than my residential rentals. For example:
- For a commercial lease, can I use my standard lease agreement with just a few changes?
- I have read that the tenant is typically more responsible for the general upkeep on the commercial property, is that true?
- The unit is basically open finished space if a tenant wanted to create a salon or make other major modifications, who would be expected to pay for the modifications.
Thanks in advance for the thought leadership.
Eddie