Andy gave us definitions for nearly 30 common real estate terms, a few worth noting are:
– This is typically the advertised rent cost for a property. Lessee beware though, this may not include all of the property fees, such as maintenance, snow removal, parking arrangements, etc.
Triple Net/Net Lease/NNN
– A type of lease that includes the tenant paying maintenance, real estate taxes, and insurance premiums.
– The agreed upon amount of increase for costs associated with the lease, including rent. A common rate for a rent escalator is 3%.
Along with all of the great terminology, here are the top 5 tips we’ve pulled together from Andy’s presentation:
Of course this doesn’t encompass every question that was asked last Tuesday, but hopefully it gives you a good idea of what was covered. Are you looking at leasing a space? Meet with an SBDC consultant to discuss what that means for your business before you make the leap! Schedule an appointment by calling 970-498-9295, or send us a request at: http://www.larimersbdc.org/consulting