When it comes to the rent and lease of commercial properties, things get a little tricky in terms of negotiations between the landlords and their tenants. Out of the most common types of leases landlords and their tenants can opt for, a Triple Net Lease is probably the most common choice of everyone in commercial property’s renting.
Before we go on further, it is important to understand what a Triple net lease agreement is the one that places all the responsibility of the property on its tenants while granting the much-needed sigh of relief to the owner.
Using the Triple Net Lease, the tenants not only pay for the commercial property they are using but they are also entitled to three extra payments. These three payments namely are;
- Property Texas
- Insurance
- Maintenance
Despite being popular among the dealers and tenants, the Triple Net Lease is not explored much in terms of its lesser-known pros and cons. It is only possible for you to find a detailed guide on the Triple-N leasing on some of the rarest yet revered technical platforms. Owing to the scarcity of information on the topic, we are going to take a dig at some of its advantages and disadvantages for you. This guide is especially meant for those who are almost ready to take a plunge in the world of commercial property by leasing in a Triple-N manner. So let us start unpacking here!
Top Pros of the Triple Net Lease
The Triple Net Lease has a lot to offer to both parties; tenants and the owners. For the one putting his property up for a lease, opting for this lease can guarantee an easy, stable, and fixed monthly income. The cherry on top is, you can sell your property whenever you like on Triple Net lease.
In case you are the tenant, the Triple Net lease has some perks for you most importantly, a less economic burden. As someone with a lot of responsibility in terms of the rented property, you will be demanded a minimal charge by your owner. Your control to repair whatever you want and from whoever you want increases. This will give you a broad spectrum of savings for your sudden yet immediate expenditure that otherwise leaves you a lost cause in a gross rent lease property.
The Cons of Triple Net Lease
The ugliest part, as an owner, is you cannot increase the rent anytime you want and this results in a very sulky growth of bank balance.
Whereas as a tenant, Triple Net Lease brings with it some added headaches and a fair share of the burden. You will have to manage all the texas by yourself and also have the potential to be hit by sudden property damage that can make your bank account zero.
There are numerous other ugly and pretty sides of the triple net lease for which you can keep visiting our blog. We hope, for now, this overview was intriguing enough for you to think over it before taking a plunge!
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