Important considerations before renting out a Commercial Property in London

By Anita Jaynes on 25 January, 2021

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Owning and renting out a commercial property is an excellent way to boost your finances, especially if you have a place in somewhere like London, as well as Wiltshire.

However, before you start bringing in tenants and signing leases, there are a few things you need to consider first. If you don’t keep these three things in mind, you could find it hard to attract people to your property.

Get The Necessary Insurance

You never know what might happen to your property down the line. That’s why insurance is such an essential thing to have. Should the place be damaged, flooded, or burn down, insurance is there to ensure that you don’t go broke trying to fix the issues.

It’s essential to understand precisely what your policy will cover and how it can help you out in the event of an emergency. That’s why it’s worth comparing commercial property insurance deals, so you can tailor your package to find something that covers all the bases and works for you financially.

Ensure The Property’s In Good Condition

Tenants don’t necessarily expect a commercial property to be spotless, especially if the building’s been around for a long time. However, they do expect it to be well-maintained and appear clean. If it’s not, then chances are they won’t be won over by the property or your abilities as a landlord.

That’s why you must ensure the place is cleaned thoroughly and all issues are resolved before renters start looking around. If the building is relatively old, it’s likely that the drains will need some work to ensure they function correctly and don’t smell. In that case, you’ll want to check this website for an efficient drainage service in London. They offer 24/7 help for all manner of issues, from toilet blockages to drain repairs, using non-intrusive methods wherever possible.

Sort Out The Essential Documents

You can’t rent out a commercial property without the right documents. This includes things like an EPC, or Energy Performance Certificate, which outlines how energy efficient a building is. The EPC is required by law and must be provided to tenants, so this is one document you can’t be without. Luckily, the GOV.UK website outlines how to get the certificate, as well as how to appeal penalty charges and reasons why you might be exempt from needing one.

Gas and electricity certificates are also essential for any commercial landlord to have. What’s more, you’ll want to have a tenancy agreement and inventory drawn up to ensure that both parties understand their responsibilities. These can give landlords a lot of protection down the line, so they’re definitely beneficial to have. You just need to ensure they’re 100% accurate and that nothing is accidentally excluded before anything is signed.It’s a lot of responsibility being the landlord of a commercial property, especially one in a different city. That’s why it’s so beneficial hiring a letting agency to handle most of the duties for you. Still, there are some things that you need to do yourself to ensure your building is up to scratch and won’t scare any potential tenants away