What Are You Liable For as a Commercial Landlord?

The following contribution is from another author.

People are always looking for new ways to make money. That could be investing in cryptocurrency or starting a business. One other way that may go under the radar is becoming a commercial landlord.

Commercial landlords purchase buildings and rent them out as stores or offices for businesses. This happens all over the country and with 5.6 million businesses in the UK according to most recent data, there is a huge market for commercial space.

For offices, a business of 12-15 people may need up to 975 square feet. In a location like London, this will cost between £60 and £85 per square foot each month, proving just how lucrative this venture could be.

However, as with any property rental scheme, you will have a set of responsibilities that you must provide for your tenants. Read on to find out more about your duties as a commercial landlord.

Safety

Landlords are expected to ensure that the space provided is safe for use. To do this, a commercial surveyor should be hired to inspect the premises. They will uncover any problems with the property so they can be amended before tenants move in.

These inspections can be unpredictable, so you should take out the right commercial landlord insurance to cover yourself.

Gas and electricity

Gas and electricity are vital for any commercial space. Without it, employees won’t be able to go about their daily tasks. When the lease is signed, it will be decided who pays for this, the landlord or the tenant.

Whoever is responsible must pay for an annual gas safety engineer to come and inspect the premises. The landlord, however, is always obliged to have the initial equipment set up and installed safely.

Maintenance

As a commercial landlord, you must keep your property up to scratch. This means responding promptly to any ongoing maintenance issues and sending the appropriate people to fix the issue. Common maintenance issues include roof damage, air conditioning errors and plumbing problems, all of which need fixing as soon as possible. If maintenance isn’t carried out within a reasonable timeframe and safety issues develop, the chances of a tenant hurting themselves increases. An injured tenant would be fully within their rights to contact a site like https://www.warforindy.com/indianapolis-premises-liability-lawyer where they can find the help of a lawyer specialising in liability, so to avoid a lawsuit, it’s best to keep up with maintenance.

Ensure the tenant has a way to access you at all times. Give them an email or personal phone number as you never know when an emergency may occur.

As you can see, being a commercial landlord does bear a lot of responsibility. However, what you get is a lucrative return on your investment. When you’re a good landlord, your tenants will mirror you and respect the premises. This could result in long-term leasing options, which means you’re guaranteed income for years to come.