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I have a random question inspired by some bar + property show I watched. (Called Bar Hunters of course.) If you rent a commercial storefront, then put a lot of money into refurbing it for your purposes (like turning a bank into a bar) are those improvements essentially just given to the landlord? How are you protected from them kicking you out and renting the improved property to someone else at a higher rate?
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Jan 3, 2014 00:44
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| # ¿ May 4, 2024 04:08 |
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crazypeltast52 posted:Your lease may or may not cover what happens to tenant improvements which occur during the term of the lease. Landlords will typically pay an tenant improvement allowance, above which the tenant is free to spend on improving the leased space. What is important here is the lease terms and length. If you sign a short term lease without renewal options, the landlord can jack up your rent upon renewal or keep the improvements and lease the space to someone else for more. Between lease renewals there is less lee-way, but upon lease expiry the improvements will typically revert to the landlord and they can do whatever they want with them. Thanks! Makes sense.
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Jan 5, 2014 18:24
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Blackjack2000 posted:That's spread over 10 months. I don't really know how a property management company would have made any of that any easier, except I suppose that they would have been talking to the tenant instead of me. That sounds like a good renter. What if it was someone calling to complain about poo poo every other week?
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Nov 3, 2014 18:05
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