Several medical professionals choose to lease a medical office space rather than purchase it. This allows professionals to ensure that the space, area, and locality are right for them to run their medical services efficiently and effectively. However, healthcare organizations and professionals must know a few important facts before they choose a specific property for medical purposes.
Here are some important facts that one should be aware of when choosing medical office space.
Learn the allowable usage and restrictions of the leased premises
Landlords of the desired of real estate may allow only certain activities to be carried within the premises. Even if the landlord knows that you want to use the property for medical office, you need to enquire about the finer details before leasing the office space.
Being a medical entity, you would be using various medical machinery, such as x-ray machines, and disposing hazardous waste. So you must provide this information to the prospective landlord. Also, you should review the tentative lease thoroughly to make sure that all equipment and services related to your medical practice will be permitted under the lease agreement. Valuable assistance of professional services, such as business valuation services in New York, can be helpful when you need to deal with the lease agreement.
Hours of operation
If you are planning to run any healthcare facility 24/7, you need to ask the landlord whether any special provisions are applicable. For instance, utility issues may arise for the tenants who need 24/7 access particularly when the landlord pays the utility bill. Enquire whether you fall in this category and check the lease twice to know whether it mentions this issue or not.
Consider earlier usage of the office building
Converting non-medical office building into a medical office space is quite expensive and time consuming. So it is wise to inquire the previous usage of the entire space you are considering to lease. If the office space was previously used by a medical professional, transiting it for your specific medical practice would be easy for you and your staff. All common areas and facilities will be already present, such as waiting areas, bathrooms, examination rooms, and other necessities of healthcare services. Going for an office space which was a medical office earlier will help you set up and run your practice quickly and smoothly.
Learn the fair market value of the property
When leasing a real estate property to run medical office, you need to know its fair and accurate market value. Learning that you are planning to run medical practice, landlord may raise the rent of the property just to get greater rent from you. In such circumstances, assistance and guidance of a proficient property appraiser can help you know the fair value and rent before you sign the lease. This prevents you from getting cheated.
Landlord’s right to inspect
A landlord is entitled to certain rights with regards to his premises, even when the tenant is using the premises. One of the rights is right to inspect. This can be a problem for medical offices since they have patients entering and leaving every now and then and if the landlord comes to inspect then it can hamper the patient’s right to privacy. So it’s wise to ask the landlord when they can enter the premises and make sure they don’t step on the privacy rights of others.
These are five important facts that you must know before you sign the lease agreement. Also make sure that the office space is suitable for all your medical office space needs and the location is amicable for your patients. Guidance of professional services, such as business valuation service in New York, can help you choose an ideal medical office building to run your healthcare services smoothly and effectively.