Maintaining the Building
A commercial building in excellent condition should mean the maintenance costs for upkeep will be less for the tenant. However, if the building needs one or more substantial repairs (new roof, piping, structure, etc.) then the tenant may face a huge financial hit. Before getting involved in a triple structure lease, tenants should seriously consider whether they are able to pay for any necessary or upcoming improvements for the commercial building. As the owner of triple net properties in Virginia, it will be in your best interest to choose tenants with sufficient cash flow and credit for such unexpected expenses.
Unexpected maintenance bills can cause a business to fail if they are not prepared for such costs. As the landlord, you may decide to create a reserve account which sets aside a portion of rent to help pay for repairs and improvements. Your Calkain representative may be able to provide you with additional tips if you are considering investing in triple net properties in Virginia.