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Thread: Renting a shop space

  1. #1

    Default Renting a shop space

    Dear all, what are the things to take note of for renting of a shop space?

    Thanks.

  2. #2

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    hidden costs. power. water. extras. furniture. dont go broke over it.

  3. #3
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    try to contact previous tenant and ask for feedback of the shop owner

    some shop owner are very nasty and set stupid rules

    also, read the contract carefully before u sign....dun just rely on the lawyer becos they may not able to spot all the loop holes or hidden things....

    there are times when there are many illogical and irrational things inside the contract

    i kenna before so i know
    We are HDD of PC & FT are MB add to storage;
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  4. #4

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    Originally posted by Wai
    try to contact previous tenant and ask for feedback of the shop owner

    some shop owner are very nasty and set stupid rules

    also, read the contract carefully before u sign....dun just rely on the lawyer becos they may not able to spot all the loop holes or hidden things....

    there are times when there are many illogical and irrational things inside the contract

    i kenna before so i know
    aaaa.........it is newly renovated lor....hehe

    so also dunno who to ask..

  5. #5

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    btw how much is the goinng rate anyway?

    feng

  6. #6
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    Originally posted by dragos
    aaaa.........it is newly renovated lor....hehe

    so also dunno who to ask..
    good luck to u then

    read the contract carefully lor...

    i am not sure what type of shop space u are renting...

    other than hidden costs, u may also want to state in the contact that if there are any tax or maintance fee, shop owner should bear the cost

    also whether u can extend or renew the contract next time, and how much the owner can increase the rent when it is time to renew the contract...and if you dun want to renew, how many mths in advance u have to inform the owner, and how long u have to wait for the refund of deposit after the handing over...

    a lot of details one lar...depends how nasty is the owner lor.....but there are also blur blur one who dun really care

  7. #7
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    Dragos, many factors to take into consideration.

    1)Location - depends on what kinda trade u are in. Of course a location with good human traffic will command a premium compared to some "ulu" places.

    2)The Tenancy Agreement(TA) - Most TAs are standard. However, it is advisable to negotiate the terms with the landlord. Clauses and terms can be adjusted accordingly. Most pple sign a 2+1 lease. (2 yrs with a option to renew lease for 1 additional yr at same rate)However, some landlords may consider a 1+1 lease. Many aspects subject to further negotiations.

    3)Hidden costs - The rental is just the basic cost. The tenant must take into consideration costs like water, electricity and application of a phone line. Of course renovation costs will be borne by the tenant. Stamp duty fees to legalise the TA will also be borne by the tenant. Licensing fees (dependent on trade) must also be taken into consideration.

    4)Meet the landlord - Create a good rapport in the beginning. Things tend to be smooth after that.

    So as u can see Dragos, its quite a substantial investment for yr venture. Good luck.
    Last edited by kongg; 26th May 2003 at 08:51 AM.

  8. #8
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    3 months upfront =D

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    Ruth is rite. 2mths security deposit plus one mth advance rental.

  10. #10
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    some landlord damn niao... at e end of the day when u finish yr lease.... they will check everything.. Wah.. here spoil there spoil... everything deduct from yr deposit.... squeeze u until u dry...

  11. #11
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    Well, its their right anyway. The tenant has to return the premises at original condition to the landlord at end of lease. Of course sometimes, some landlords are not so niao. From experience, as long as u don't go and conduct extreme renovation projects on their premises, shld be no problem.

  12. #12
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    yah loh

    im still thinking of moving out and stay wif a few gfs...

    so mani factors must consider... $_$

  13. #13

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    Originally posted by kongg
    Ruth is rite. 2mths security deposit plus one mth advance rental.
    Mine is 1 mth security dep and 2 months advance..

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