Businesses often find themselves struggling with the age old question of renting or buying at some point in their lifespan. There are so many benefits to each side of the argument, and so many potential problems with both, it takes a lot of thought and wisdom in order to make the right decision. In order to answer that question for your business, you have to first ask some other questions that will help you get a clearer perspective on the situation and see what will work best for you.
Can You Commit?
The biggest question that lies under the umbrella of renting or buying is whether or not you are ready to commit to a certain location for a number of years. When you buy a place, you’re making it your own and staking your flag there, come hell or high water. Once that decision is made it will be extremely hard to back out of, so think about it very carefully.
Is the Price Right?
Another question to ask yourself is whether or not you can afford to make the huge investment to buy a place—and if you do, is it worth it to you? Buying a good office space can run you hundreds of thousands of pounds, and you have to be sure that that’s the amount you want to pay if you choose to buy.
Do You Have Options?
Having good places that you are considering for either renting or buying is important, though probably not much of an issue. There are always countless options out there, and you should be able to locate at least a good collection of offices for sale and rent in your desired location. If there isn’t really anything you love for sale, then it’s best to make the lesser commitment to just rent out a place until you find something better.
Is Your Business There Yet?
Can your business genuinely afford to make the investment required to purchase an office space rather than renting? If you’ve only been around for a matter of months, then it’s probably not time yet. You should wait for your business to truly get its feet, both financially and in experience, and then revisit the decision to buy a space at a later time.
Renting is usually the best option when you aren’t ready to really buy something, as buying is a huge decision that you really want to be sure is the right one before you pay any money. There’s nothing wrong with putting your desire to buy a spot off for a few years, and you’ll see that that decision will save you time and money in the long run.
If you’re interested in finding places for rent, go to aor directory listing options in your area.