Most businesses would have gone through this dilemma: to buy an office space or rent one. The real estate boom, soaring property prices, unsteady economy and other factors may be the reasons for this dilemma. Given this situation, businesses are forced to re-think and take a call.
What are the advantages of a rented office?
Choice to relocate
One of the primary benefits of renting office space is that you can choose to shift to other location if you want to end your business. There is nothing permanent attached to a rented office space. This makes your task easier. If you choose to buy an office space, then you may need to consider staying in one place. Office relocation may be necessary if business needs it. As your business grows, your organization too grows. This means you need to consider buying new space or see if you can get a bigger space. This degree of flexibility gives businesses the space to think and take the best decision. Contracts are usually short-term and on a rolling basis. This gives you freedom to make a wise decision.
Deirdre Lord, who owns a start-up called The Megawatt Hour, says, “We rent, and we will only rent.” Renting an office space offers short and medium-term financial benefits. Firstly, you do not need to invest your hard earned capital into buying a property for setting up an office. You need to pay a security deposit upfront; but the rent that you pay will never come close to how much you would spend if you are buying a space. This is a good way to progress your business as you can save some money.
There is a difference between owning a building and leasing it. When you own a building, you are solely responsible for its maintenance and other factors. On the other hand, a leasing option leaves you with more time as you are not the owner of the building. You can focus solely on your business.
A growing number of businesses, these days, prefer a rented space. This is a process that has become easier now, thanks to the internet. All you have to do is conduct an extensive research on the internet. Compare various property websites in the area you prefer, gather all the required details and then take a final call with the help of just a few mouse clicks!