Pro’s and Con’s of Buying and Renting an Office Space
If you recently got a job in New Hampshire, the first thing you will be thinking of is getting yourself an office space in that area. When considering a workplace, you have two options, either you want to rent the place, or you want to buy it outright. In this blog, we’ll be looking at both choices with the aim of helping you make the best decision.
Renting an Office Space
- If you decide to rent office space, it provides you with flexibility. You don’t have to worry about being tied down to a location because you bought property there. If you get contracted to work in a particular area for a short period of time, then you might want to rent rather than buy the space.
- If you rent an office space, you don’t have to go all out decorating and designing the area since you know you’ll eventually be leaving after a relatively short period of time. The landlord who rented you the space won’t expect you to do high-value maintenance on the property either.
- If the market is favorable when you are trying to rent a space, you might be able to afford a luxury space in a region you otherwise might not have been able to afford.
- If you are only working for a short period of time in a place, renting makes sense because you can also share the cost of the space with another coworker. In this way you save money, stay in a nice office space and also stay with a friend.
- Unfortunately, as a renter of space, you can’t have the ability to acquire equity.
- As the cost of living is increasing all the time, your rent is likely to also rise with time.
Buying an Office Space
- If a worker knows they’ll be in a region for a long time, the appeal of getting a property where he can acquire equity becomes real. Buying and developing your office space means you can eventually sell it for a profit if you ever decide to move from that region.
- As an owner of a space, you have no restrictions on the decorations and design of your property. You can decide to paint your space in your favorite colors and get nice plants to beautify the surroundings.
- If you decide to travel, you can rent the space out to someone else and therefore receive payments even when you’re not on the property.
- Since you are the owner, you are liable for any damage to the property, and you have to ensure periodic maintenance of the space.
- As a property owner, you, of course, need to pay taxes for your space.
Which Should You Choose?
Choosing between renting and buying office space can be a tricky decision, but we at Millyard Technology Park are committed to helping make that decision easier with our article above. Making the transition will be easier than ever.