Tenant improvement, also called tenant build-out can drastically improve the appearance of any room or other interior space. You can make your living space more functional, pleasant, and up-to-date by hiring a professional contractor.
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In order to meet the tenant's needs, the landlord will often need to hire an experienced contractor. Floor coverings, walls coverings, and lighting are some of the most popular tenant improvements.
Different types of tenant improvements:
There are generally three types of tenant improvements agreements.
1. Tenant Build
This agreement gives the tenant complete control of the project. He is responsible for the design, procedures, and delays. He is responsible for finding a contractor, paying him, and making sure everything goes according to plan.
The agreement includes both the landlord and tenant, who agree to approve the design plans and work together to maximize efficiency. The landlord will pay for the project but the tenant will be responsible for any delays or changes to the plans.
3. Landlords Build with Allowance
The agreement between the landlord and tenant includes a contract for improvements up to a certain amount. The landlord chooses the contractor and design team. The tenant is responsible only for any additional costs that are not included in the contract.
The best option for tenants is the second. If you are a landlord, however, the turnkey agreement might be the best option. You want to be involved in the process but not take on the entire responsibility.