Renting office space on the Noida Expressway means opening a door of opportunities for your business. It’s no news that the area is thriving. It has modern infrastructure, excellent connectivity and a lot of growth potential. However, before you sign an agreement, know that the rent amount is not all. There could also be several hidden costs that will add to your expenses and affect your profits.
Maintenance Charges
Topping the list are maintenance charges for the rented office. These are asked from you for maintaining the common areas like the corridors, waiting area, washrooms, elevators and in fact, the exterior of the building and its security. Whether it’s basic or too high to fluctuate your monthly budget, this needs to be checked in advance because it also increases every year. Inquire upfront to not get shocked later.
Parking Fees
Most people don’t even think about parking as an expense while negotiating the rent. Many places charge separately for parking spaces regardless of who you are. It’s wise to talk about the number of parking spots you would need in a month and talk about their charges while choosing an office space for rent in the Noida Expressway. Since there might be limited parking, extra vehicles would come at a premium.
Utility Costs
Most likely the utility bills are on you only whether it’s electricity, water, air conditioning or others can be huge especially if the office is big. Though in some leases, amenities are a part of the rent while in others, it’s on you. It’s good to clarify this with your landlord who is going to bear the expenses so you can be prepared for what’s going to come.
Service and Management Fees
Several building owners also ask you to pay for property management services like cleaning, security and even repairs of the building every month. Now these fees can vary as per the services provided, the area of the office space or anything else. Talk to your landlord about it, understand how the fee is calculated and why.
Customization Costs
Most office space for rent in Noida Expressway also agree to customize their workspace as per the requirements of their clients. From installing partitions, setting the lights, doing the flooring, adjusting the furniture and everything else. Now all of this is also an added expense that could also go a lot high if changes are too many. Learn about all these costs before you get into any contract.
Telecommunication and Internet Charges
Can any business do without telecom and internet services in the modern age? No While some space providers include basic connectivity in the lease, others might ask you to arrange it for yourself. Reliable connections are costly so that’s an additional cost on your pocket. If your chosen office space offers this service, it’s amazing and one less expense.
Insurance Costs
Insurance is another cost that’s not upfront but you can’t even dodge it. Depending on your lease agreement, there could be liability insurance, property insurance or any other kind that’s only going to add to your monthly cost. Though these policies protect both you and the landlord from accidents, damage or other events. But the end of the day, it’s an expense. Learn about the insurance premium amount to calculate your total office expenses.
Legal and Administrative Fees
An office space rent in Noida Expressway Renting office might also include legal and admin fees because there’s lease registration, stamp duty and all legal fees for services till the agreement is signed. Your landlord may also charge a fee for processing the lease or making any changes to the given agreement so be prepared for it.
Escalation Clauses
This clause in your lease agreement lets the landlord raise the rent whether due to inflation, market rates or increased property taxes. Anyway, it only adds to your total cost. These might increase a lot over a period of time and become a burden, especially in the case of a long-term lease.
Exit Costs
It might also happen that you need to leave before the agreed term. An early termination of the contract may require you to pay a portion of the remaining rent and even restore the office space to its original condition. You can imagine the costs involved in it. Settle this question before for a smooth transition if anything like this happens.
Conclusion
Renting office space on the Noida Expressway has a lot of advantages but if the agreement is not read properly before signing, there might also be many consequences. Look beyond just the rent and discuss all these costs with the office space provider for not to avoid any unpleasant surprises. To avoid hidden costs and have a range of amazing amenities for the same monthly fee, join Lets Connect Noida. Save more, stay efficient and work in a brilliant environment!
