Office Space – Should You Buy It Or Rent It?
Traditionally, before the economic collapse, a sign of a successful business was to buy its office space. But today, that is changing. Renting office space has become the norm for new businesses. Business and the economy are unpredictable, and locking yourself into an office permanently can negatively impact your business. Jumping into buying an office may create some problems along the road. Renting space is also more fiscally responsible for new businesses. As your business expands and becomes more successful, moves can be made to settle into a permanent purchased office space.
Before renting an office space for your business, make sure that you look to the future. If you are a new business, make sure you create accurate financial and business predictions. Renting a small office and then having rapid business expansion will leave you with an overcrowded office. If you are a settled, small business renting new office space, there is no need to rent larger office space than you need. While going through the process make sure you continuously think about the big picture and the future of the company.
The truth about buying office space is, that if you buy space and your business experience financial problems, you are not only stuck with the office, but may lose money because of it. Renting office space provides flexibility when working with the uncertainty of business. Renting an office is the first step for building a new business. It helps the business learn what they need from and in an office, and what they may need in the future. As time progresses and the business grows, new office space can be acquired.
Renting office space is often less stressful than owning office space. In general, renting space means that there is a landlord or owner or some kind that has to take care of problems in the building. If the roof leaks or the air conditioning needs repairing, that does not have to be done by you. It will be the landlord, not your company, responsible for maintaining the building. If you were to buy an office, all the maintenance costs would fall on your company.
Real estate agencies specialize in finding the perfect office for businesses to rent. The business won’t have to make any changes to the office because it’s exactly what they want and ready to move into. When a business buys an office, any changes they make will be on that business financially. If your company finds that they are unhappy with the space, when the rental agreement expires they can simply move offices. If a company purchased that office, they are stuck with it.
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