New business owners are often presented with the need for an office space once their business start to expand and grow. Office spaces are available for both purchase and on rent, however, buying an office space for your business is better than renting one – here’s why:
Having your own Office space means that you can make any changes you like without having to answer to anyone else but yourself which means that you can alter the architecture and modify the space to your heart’s desire. Having bought an office space also gives you a sense of freedom and comfort – knowing that your office space is your own eliminates the uncertainty that comes with renting one.
A purchased office space means having relatively fixed costs which mean that one can better estimate and manage finances. On the other hand however, renting an office space does not allow you to do that because of possible increases in the annual rent; this could potentially put you in a tough position because if you find it hard to cope with these increases in rent you may have to uproot your whole business and find another office space to set up in. Purchasing your own office space means that you won’t have to move to a different location unless you want to.
Not only do you save money on rent when you purchase your own office space, you also save money in the form of tax deductions! Owning the property that you run your business allow you to deduct interest payments from your mortgage and property tax.
Moreover, if you own the property and there is some extra space that you are not using at the moment, you could rent it out and make an addition to your monthly income.
Purchasing your own office space also allows you to build up equity, unlike leasing. If you choose to sell your property in the future it is possible to earn a handsome amount if you sell in an expanding market. Renting the property you run your business from provides no such benefit.
Thus, purchasing your own office space means more comfort, equity, tax deductions and freedom to do as you please and run your business the way you want making it a far better alternative than renting an office space.
Traditionally, renting of an office space consists of taking a conventional lease on a property and overseeing every aspect, from the design and fit-out, to the office management itself
— Prime Office Search (@PrimeOffices) 27 de febrero de 2018