Benefits of Renting Over Buying an Office Space - Property Task Force

Benefits of Renting Over Buying an Office Space

While setting up a business, the very fundamental thing which comes to one?s mind is the office as it is the reflection of your business. The basic question faced by every new business person is whether to buy an office or take a rental space. With the boom seen by the real estate market, property prices have touched new highs, so buying an office creates a financial burden. Hence, these days one can find numerous office rental & meeting room hire options available to provide infrastructure to new business without making high investment. Similar to the office rentals, conference rooms & boardroom hire facilities are available as well, which make overseas conferences and conventions easy. The main reason why people face the confusion between buying and renting is the ongoing economic crisis and further, shortage of enough financial support in the initial days of business. With lack of economic backing, it becomes difficult for them to suddenly buy properties. But still, people believe that buying a property is better than renting from investment and future point of view.

Despite such belief, there are certain benefits of renting a property over buying it. The first and foremost benefit of renting office space is, if you plan to terminate your business or shift to some other location, it becomes easier. Buying an office space makes you stay at one place in spite of the need of relocation. Most of the times shifting of the office is required for business convenience, client servicing and many similar reasons. But buying makes you stubborn and it is not possible to shift though profits are involved in it.

One cannot predict how far his/her business would go and how large it will expand. If you buy a small office space and eventually your business expands, time comes when you have to leave the current place and opt for a larger one. On contrary, if you buy a very large space and your business does not run successfully, space and money you invested becomes total waste. The conditions turns even more worst if you have borrowed money for buying it. But in case of rental office, the moment you think that the current space is not enough for you, you can shift the office to some other big space.

There are ?n? numbers of legal duties involved while buying an office space which cannot be done without hiring a professional. This increases your costs and there is money required for the legal procedures as well. Along with buying a property come different taxes involved like transaction duty etc. This as well increases further expenses and you need to spend more than just the net cost of the property. On the other hand, this is not the case with renting and you have to spend very little on the legal procedures than buying any property.

Overall, renting an office is more convenient and affordable than buying, and though buying is a kind of investment, but until you can afford to buy a property, it is better to rent it.

Source: http://www.propertytaskforce.org/benefits-of-renting-over-buying-an-office-space/

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