Rent Or Buy Office Space – Which One?
As a business owner, the question to rent or buy office space can be an enigma – which one is better? A lot of small businesses rent their business space, while most big ones own the buildings – or at least the lot – that they work in. It’s easy to assume that renting is the best and most affordable option, but this isn’t always the case.
There’s an argument to be made that buying is actually better. And, it’s an argument I will make in the form of these points:
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Complete control over how your office looks
When you buy office space, it means you have total control over how everything looks from inside and out. You could even knock down parts of the building and reshape it to a design that reflects your business. As you can see on www.neumannsmith.com/, when you work together with an architect, the design options are limitless.
Therefore, you can genuinely craft an office space that’s made for you and your brand. This can dramatically boost your reputation as everyone will be amazed at how amazing your office looks. When you rent, you’re limited to interior design – and even that comes with limitations.
Also, by controlling all the design elements, you can manufacture an office that’s made to be productive. Consult with your employees and create something that offers an ideal work environment for everyone.
No one above you making decisions
A significant downside of renting an office is that you aren’t in charge of the executive decisions. This has nothing to do with your business decisions, it’s more about decisions revolving around the property.
For example, what if the owner decides they want to install a new heating system in the building? Cool, but what does it mean for your business? You have to vacate the office while all this work gets carried out – work that you don’t deem essential.
Similarly, what if they decide to sell the building? Another business may buy it as they want the whole building to themselves. Now, you’re forced out of your office without any complaints. As the owner, all the decisions are your own. So, you have total security and freedom at all times.
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The possibility to make money
Buying an office building is a significant investment. But, think of the money you save on rent over the years. More to the point, think about the money you can make!
That’s right, owning an office puts you in a position to generate some extra revenue. How? By renting out some of the spaces to other businesses!
Let’s say you have a three-floor office building, but you only need two floors. That third floor can be rented to another company, or you can split it into smaller offices and rent to multiple companies. As a result, you swap monthly rental expenses for monthly rental income.
In truth, the only downside when you buy office space and outright own an office is that it costs a lot of money. If you have the ability to buy one, then it can be far more beneficial than renting. Maybe you should start off by renting, but seek to buy an office as your business gets bigger and more successful.
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