If you have decided to start a business, you are probably considering offices for headquarters. Most people need a particular office space because it is much easier to work away from home, without all the distractions. It can also be better for employees, who may not want to work in your home. However, when considering offices, you need to think about the benefits of renting over purchasing, as there can be many.
Prices
The price of everything seems to be on the rise, and real estate is one of them. Offices cost a lot of money to buy outright, and most start-up, and new companies just can’t handle that extra money going out each month. Along with the expense of the building, you’ll also have to furnish the place and will handle all the bills. On top of everything else, you’ll have to pay employees, have security systems in place and will need nightly cleaning crews to come in. With rentals, they will usually supply the furnishings and already have security. They may even have cleaning crews on staff, so you don’t have to hire someone.
Convenience
The convenience of renting office space can be very pleasant, especially if you are planning to move the company or yourself in the near future. Rentals offer you the convenience of checking to see if you like the area before deciding to buy. You probably won’t rent forever, just as people don’t rent homes forever. At some point, you will be successful enough to want your own building, where you can do whatever you want. However, with the rockiness of starting a business, rentals can come in handy.
Expansions/Downsizing/Closing
Most people fear the unknown because they don’t know when or if expansions will come about, or if they’ll have to close the business or downsize. Why would you want to owe on a building when you no longer own a business? While you can always try to sell and get back some of that money, more and more entrepreneurs are leaning towards rentals until they get on their feet.
Legalities
Purchasing office spaces involve a lot of legal mumbo-jumbo. In most cases, it’s recommended to hire lawyers first, which can increase costs and be more confusing. Because you’ve bought the space, you’ll also be required to pay taxes on it and be responsible for maintenance and repairs.
The benefits of renting office space over purchasing are numerous, though not for everyone. If you have decided that rentals could be a better option, visit Corporate House today to learn more.
