Renting the Studio Space

Renting the Studio Space

I am not a real estate agent and legal jargon gets really tricky. It was now time to get major reinforcement. Thanks again to friends and associates with common interest, we are going to get this done. We have to find the place, negotiate price, and assure credit worthiness.

My partner and I have been in turmoil with the decision of trying to find the perfect place for the studio/ art gallery. This is very important. I watch HGTV sometimes and I hear it over and over again, location, location, location! Now I not only have to explore this at its fullest depth, I also really understand the true importance of this. We are not only considering a one time event when it comes to rental for the exhibition, but we are also needing to consider the use on a long term basis for the artists. Will my artists be able to catch the bus? Will the train or tram be a better option for them? Do I need to have a lot of parking spaces? What are the rules for parking and how many spaces will we be allotted anyway. This was a hard conclusion to come to.

Now came the disappointment of finding the perfect place over and over again with one hitch or another. We sometimes lost it out for being slow to react. We are new to this and were overly cautious about many things. We just did not want to jump into anything before we knew it was safe for us. But when our slow moves did not hurt us, our poor bargaining did. We didn’t know about commercial rent and the procedures to assure a great lease for our new gallery. We went through a lot of discussions and lost time in trying to get the price where we thought it should be. That was a very loose thought too because we really weren’t sure about what the rent should be. We did get the advice of a great agent that helped us secure a good deal.

Credit is a big deal in these matters, we had to try to qualify for the process. Do we set everything up in the business name or do we just use our personal credit for now? This should have been a no brainier, but still naive to all that was going on in the business side of the world, we were unsure about seemingly simple things. So we pondered for days just on this topic of how do we set up the lease on our credit or on the businesses’ credit. After much discussion, we made the best decision for the both of us and finally we were able to obtain a building for the art gallery.

This was probably one of the hardest steps in planning this process. There were so many things that we just did not know. We did not know and we did not know who to ask about the problems we were running into. Nonetheless, we got it done and we were able to breath and sigh of relief.