The process for leasing a mechanic shop is similar to that of leasing any commercial property: locate a listing for a shop, and negotiate terms such as paying property tax and insurance, the ability to modify the property, and maintenance responsibilities. You should also consider the condition of the shop, the presence of any equipment and its location to determine value.Continue Reading
Begin by looking at automotive maintenance property listings on sites such as LoopNet.com, which allows you to target commercial buildings within a specific region and price range. As you locate shops that may suit your needs, contact the leasing agent to ask questions and arrange a viewing. When you see the property, check the condition of the structure and any repair equipment present. Also, ask the agent if the equipment comes with the property or if there is a separate leasing process. If there is no equipment, consider the price of renting or buying it along with installation costs.
As you draft the lease, understand who is responsible for paying property taxes and who is liable in the event of an injury. You likely need your own insurance for the business, but this may be separate from the property's insurance. Determine if you are able to change the property, the exact areas you are leasing and the full terms of the lease. If everything is satisfactory, sign the lease form and make your initial payments to rent it.Learn more about Managing a Business