Not sure if you should buy or lease office space? If you’re a business owner – new or established – where you conduct business makes a difference. And for many business owners, the decision to buy or lease office space can be a difficult one.
When you have a knowledgeable team like ours at work for you, we’ll make sure you know what is needed each step of the way. And we’ll answer all of your questions so you can make the most informed decision possible.
When deciding between buying or leasing commercial space, there are several things to consider. To help you with your decision, we’ve compiled the following information:
- If your business is young, you may not have the cash flow needed to purchase an office space. Just like buying a home, there are many initial deposits needed when purchasing commercial space. Leasing can mean less upfront money.
- Another good reason to lease is that you are typically not held responsible for major maintenance and repairs. This would fall upon your landlord. Once again a good option for young businesses with little or inconsistent cash flow.
- If you aren’t sure how good the location of the space is or if you think you’ll scale your company in a couple of years, leasing is a more flexible option. After a year or two, you can evaluate your situation and determine your next step.
- Purchasing space is a great option for business owners who think they will expand the space or make significant renovations down the road. Owning the space allows you to make these decisions without needing the approval of a landlord.
- The success of a business can often be about its location. If your business has put down roots in an area but rents are on the rise, buying might be the best option. Over time, this can result in substantial savings.
- Buying your office space can be a good investment. If you purchase space, you may end up with annual tax savings.
Of course there are many more things to consider in your decision to buy or lease office space. Our team at the Menlo Group is happy to help you weigh all pros and cons. Contact us here and we’ll help you determine if you should buy or lease office space. We’ll take the guess work out of the process so you can focus on the rest of your business needs.