If you are leasing your premises enter in your cash flow forecast the amount of rent you will have to pay in the months that you will have to pay it.
Make sure that the premises is large enough for the number of residents that you intend to accommodate, and that there is adequate space for communal rooms, storage, food preparation and so on. Many of the physical and environmental aspects of care home premises are covered in statutory minimum standards. You may require the advice of a professional consultant on this matter.
Bear in mind your premises should be fully accessible to people who are disabled - this may require some costly alterations, particularly in older buildings.
If you have not yet decided on a particular premises you could contact a local estate agent who handles commercial property to get an idea of how much the rent is likely to be.
Your solicitor will help you with the lease agreement but make sure that you are clear about:
- whether the premises can be used for the purpose you have in mind
- how frequently the rent will be reviewed
- how long the lease runs for
- what you and the landlord are each responsible for
- the position as regards sub-letting
An alternative way of paying for your premises might be to enter into a 'sale and lease-back' arrangement with a specialist financial provider.