How to Find the Best Retail Space for Rent Abroad

E-commerce and mobile sales have come a long way, but traditional brick-and-mortar retail stores are still faring well. The success of these stores largely depends on two things: the product and location of the store. The truth is, no matter how great one’s products is, sales will be down if there are no customers trooping into the store.

Putting one’s business in the right location is a prime consideration not only for startups, but for established businesses looking for another retail outlet. Finding and choosing the best retail space for rent here or abroad entails the same considerations. The following are points of concern when renting a retail space abroad.

What is Your Budget?

There are two things that have to be defined before looking for a retail space to lease: budget for the rent and size of the store. Paying more than one can afford based on the store’s sales, and committing to the wrong-sized space are common mistakes tenants make when renting. Having a clear idea on the budget will certainly help narrow down options and avoid renting an un affordable space.

Rent of retail spaces depends on the location of the property to be leased, its location among other retail stores in the same area, condition of the space to be rented, length of the lease, and its availability. Regarding availability, renting a shop in a new mall is cheaper than renting a space in an established mall.

Other costs to consider when renting are: property taxes; insurance; utilities and maintenance. It is important to note who will shoulder the expenses for maintaining the building and parking facilities. Who will pay for security services, repair and maintenance of air-conditioning units? If the location is far from the main commercial hub, how much additional marketing is required? All these items add up to the cost of the retail store rent.

It may be difficult to project sales on a new business to determine how much rent one can pay; but one can always research on similar retail businesses in the area to find out how much their lease costs. In some cases, the services of a local broker may prove very helpful.

How Much Space Do You Need?

The required space varies for each type of retail store. However, common areas for consideration in a traditional store include the main sales floor, dressing rooms (if needed), stockroom, offices and bathroom. Opting for a functional kiosk, cart, or booth requires a smaller, less detailed space. A basic formula in estimating the size of a sales floor is: Sales Volume divide it by Sales per Square Foot. Of course, this formula may not work for all types of retail store, so it is still best to determine what equipment, display cabinets, shelves, tables and more are to be incorporated on the sales floor. A too large sales floor may seem like an empty store, while a too small store may seem cluttered and chaotic. The local trend in store display is also a consideration.

Rent a Retail Space that is best for the Business

It is best to have at least 3 options for a retail store to compare and contrast them for the best fit. Narrowing the choices comes down to three points: location, cost and size. Once the budget and approximate size are determined, the location of the retail store comes next.

· Safety and Security: Choose a safe place to locate your business. Customers will veer away from a retail store if they do not feel safe. It is best to research on the safety and security of the area from local authorities.

· Traffic and Accessibility: Knowing one’s target market will help a business owner choose a location that will attract that demographic. A lot of foot traffic does not necessarily means a lot of customers. The ideal is to locate a store where there are plenty of potential customers, but only if those customers are the target market. It is best to locate the store near where potential customers live, work, and shop. A feasibility study might prove handy to answer to:

· The number of people who walk or drive past the location

· Modes of public transportation that serve the area

· Availability and accessibility of parking spaces

Note that a retail store located in the mall will require less advertisement than one that is situated in a lone building off the commercial area. It is best to locate a commercial area near major highways and public transport for visibility and accessibility.

· Local Zoning: Before finalizing the location, a smart business owner must understand all the local policies, rules, and procedures pertaining to the locality of the retail store. The local zoning commission should be approached to seek information on zoning regulations and restrictions that may affect the store’s operation. One should also ask the local planning committee about future plans that could change the area’s traffic e.g. new highway construction and change of route for local transportation.

· Competition and Compatible Businesses: Location one’s business near competition may seem unwise, but doing so sort of guarantees targeted customer traffic courtesy of the competition. This strategy is best for a new retail store that does not yet have an established customer base. Locating a retail space near compatible commercial establishments also guarantees targeted customer traffic.

Another consideration is the distance of the retail space from the home of the owner. Spending too much time traveling to and from work is a waste of energy and time.

Before signing the lease, a business owner should pay attention to the terms of the contract, its stipulations and restrictions.

Secrets You Should Know About A Rent To Own Home Deal

So you are sick and tired of renting. You want to own your own home, but you do not have much of a down payment. No doubt you have heard of “the perfect solution” – rent to own. But is it really as perfect as everyone says – hardly. There are some secrets about rent to own properties that you need to know about. They are most overlooked aspects of a rent to own deal. So let us find out the truth about lease to own homes.

How Rent to Own Works

So this is how it works. You rent a house with the option to buy. You will have a lease that will typically last between 2 to 3 years. The seller will also expect you to put some sort of upfront down payment or option fee. This is usually 1 to 7 percent of the agreed upon purchase price. In addition to the rent, you will be paying what is called a Rent Premium or Rent Credit. This extra amounts put towards the purchase price of the house.

The Truth about Rent to Own Homes

Do you want to know the dirty little secret few buyers in your position realize? If you decide that you are unable or unwilling to buy the house at the end of the lease agreement, you forfeit ALL of the money you have paid. That includes the Rent Premium and the option fee. Gone. All of it. The seller keeps all the money and you get to call a moving van and start all over.

You would be surprised on how many times this happens. The buyer may run into some problems with the house and they want out. Money lost. The buyer may not be able to qualify for a mortgage. Money lost. Or, imagine that the seller fails to pay the mortgage and the property gets foreclosed on. Yikes! Money lost.

So, before you race to snap up the closest rent to own or lease option property, make sure you do your due diligence and have the house inspected. Start working with a lender in order to qualify for a mortgage and for goodness sake, make sure you absolutely love the house.

However, a calculated decision of renting to own a house has it own benefits as well.

The Things You Should Know As A Renter

Did you ever feel like you have butterflies in your stomach? Before you start to think of the many instances when it happened, let me just tell you that I am not talking about the butterflies when you are ready for a date or when you head out for an interview. I am talking about the butterflies that you feel when you visit your landlord – for the first time ever!

Honestly, there is nothing like owning an apartment – your individual space where everything happens just the way you want it to be. It is one of those feelings where you suddenly step into adulthood, responsible for taking the important decisions of your life – from paying bills and rent to managing the events that take place in your life.

So, if you’re stepping into that phase of your life where you will be a renter, then here are the tips that you need to keep in mind – because actions do make a lot of difference.

First Impression is The Last Impression – This is so true! First impression is surely the last impression especially when you’re going to meet your potential landlord. Just like an interview this meeting is going to be one important day of your life and you do not want to ruin it with your answers. It doesn’t matter if you’re a fresher in renting or have some experience what matters is how well you can convince the landlord with your answers. Be sure that you have records of your income and dates of employment, contact information and a work reference, as these will lend to your credibility as a renter.

Security Deposit – A majority of the landlords would ask for a security deposit before renting the new apartment. Security deposits and first/last month’s rent are standard parts of any rental agreement these days. These two parts of the lease give your landlord the peace of mind that you have invested in his property and in your living situation. A part of this security amount is what you have to pay in case you cause any damage to the property.

Allowance of Pets – While you are a pet lover, you neighbors might not be. So how do you deal with that? Instead of giving your landlord and the neighbors a surprise by bringing in your pet on the day of moving in it is best you talk about it beforehand. Let them know the details of the pet and its medical history. You do not want to freak them out by constant barking and meowing, so talk about it. Take the permission and ask them if there are other people in the same apartment who own pets.

Finding a Reliable Roommate –  Know how that group of friends were the roommates ever? Find one like them; you might not be able to do so exactly, by someone who’s even closer to who they were it’s a hit. A roommate will not only be the person around you when you want to have a party, but also when you’re sad and need someone to talk to. On a practical side, he/she will be sharing your expenses, so yes you do need one.

Learning How to Budget– Month ends are the most ironic days – you look at others enjoying and partying while you sit like a couch potato eating the home-cooked fries. Don’t let that happen any more – manage your budget. You’ve got to do a lot of things and you need money for all of them, make sure you know how to limit unnecessary demands and only choose the ones that you really need. If you can learn to manage your budget, believe me in the end of the month you will be able to afford a pizza.

With all these tips mentioned-above, it will be easier for you to know the how’s and why’s of a new house. Note down this list and plan accordingly, because you really need it.

Why Has Renting Become So Popular Among The Younger Generation?

Certainly, the monthly rent of apartments is lesser as compared to that of the monthly installments that you are asked to pay after purchasing your own property, and it could be unaffordable for all those beginners who have just entered in their fields and are starting out their life together with a rented apartment. This is usually a common concern for myriads of new couples who are often looking to hoard all their savings to tart due to which they might go with renting an apartment rather than buying one.

One another major concern for any individual to consider renting an apartment then that of purchasing one is that renting an apartment generally reduces myriads of maintenance and other costs, as it is not an easy task to perform and is directly comparative to the locale of your property. However, when it comes to renting an apartment, usually do not have to bear all the several other costs, and should be left with the owner of the property to pay and look after all the repairs if any are required for the apartment. All this lets the tenants to use the saved money for several other purposes.

These days it has become a trend to work away from home in an entirely different city and for doing it in a proper and successful manner renting a space for yourself is the best way out. It is important to pick a space for yourself, as transport or doing up down regularly could turn out to be very expensive and the journey can be exhausting.

Renting a fine range of flats is becoming so much popular among students as they can share it with a couple of friends, relatives, or colleagues and could divide the rent accordingly. Certainly, this could be very reasonable and financially beneficial for students or first time earners, as they do not have to spend so much on renting a space for themselves to keep the cost of living down that too without compromising on the quality of living.

On the whole, there are several people who are willing to rent apartments in place of buying them, seeing that it often provide the buyer with more financial security to begin with. Therefore, at the same time it is quite often that the younger people those are thinking about renting apartments, with them there are some other businessmen who are also starting to rent apartments if they come across any of the extended business trip if is far away from your residing place.

Renting Homes – What to Consider

Some people opt to rent homes instead of apartments for a variety of reasons. One reason could be that they have children and want a yard for their children to play in. They may also not want neighbors above, below, or next door to them. No matter the reason, it can be an overwhelming experience, especially if this is your first time for renting homes instead of apartments.

If the company you work for relocates you and you need to rent a home the company may have a specialist that will assist you with the process of moving and renting homes in the new area. When renting homes one of the biggest considerations is where it is located. If you have children, you want to make sure which schools they will go to and what reputation they have. This should be looked into before you decide on a location to move into. You should also find out how far it is to the nearest grocery stores, department stores, and how far a commute you will have to work.

Once you have decided on a neighborhood or even two where you want to rent homes get in touch with a local realtor and see what is available in those neighborhoods. If they do not have any homes for rent listed then look in the local newspaper and set up appointments to look at as many homes as you can. During the appointment assess the attitude of the leasing company or landlord to see how amendable they are to your needs, ask how long it takes things to be fixed if there is a problem. Check out the condition of the home and the yard if there is one.

Check the bathroom floors and walls for signs of rot, mildew, and mold. If possible look behind the washer, dryer, refrigerator, and stove to see if there is any infestations of insects. Also check the cabinets, especially in the corners. Make sure that all the floors are in good shape. If the walls need repainted find out if this will be done before you sign the lease and move in. Make sure that there are enough bedrooms and bathrooms to accommodate your family and the kitchen is big enough.

Ask the leasing company or landlord if they have a copy of the rental agreement with them that you can look at before you sign it. If you are not sure that the home would work for your family ask if they have any more rent homes you can look at. Once you have found the right home look over the leasing contract very carefully to make sure that everything you discussed is in the lease before it is signed.