When you’re in the market for a new office space, there are a lot of decisions to be made. Where should you move? How should you design the office layout? Will you take your existing furniture or buy new furniture? But most importantly, you need to ask yourself if leasing or buying your new office space is best for you and your company.
As with anything, there are pros and cons to leasing vs. buying office spaces. We’re going to take you through some pros and cons so that you can decide what will be your business’ best option.
- No down payment. Cash is king, so the longer you keep money in your pocket and business, the better.
- No expenses regarding the upkeep of the office. So, whenever a light bulb goes out, no problem. Call your landlord and they’ll replace it at no expense to you.
- You can sign a short-term lease, which gives you some flexibility. If you’re expanding, no problem. You can stay in a short-term lease for a few months and then move to a bigger facility.
- Leasing is an expense that doesn’t go towards ownership of property, in fact, you can sometimes spend more renting.
- You can’t fix things as you see fit because the landlord owns the property, not you.
- A lease means that the landlord is in charge. And with that, comes uncertainty because the landlord could potentially make you move as soon as your lease is up. Even if you want to stay on the property, your landlord could also substantially increase your rent. This increase is especially possible if the landlord decides to sell the property.
- Buying office space can end up being cheaper than renting, and your monthly note goes toward the ownership of property, not into your landlord’s pocket.
- When you own the property, you can paint the building or hang anything on the walls without asking for permission, or getting a “no” from the landlord.
- When you own property, you have control over when you move out. Nobody will force you to move out on short notice when you’re the one in charge.
- Along with buying property, you also obtain the expenses that go along with the ownership. Any liability that goes along with the property is also put on you, the owner.
- Replacing AC units or leaks in the roof can be pricey, and if you own the property, all costs fall on you.
- If you find that your business is struggling in its new location, and you own the property, you don’t have the freedom to pick up and move out when your lease is up. You’re bound to the building, until you sell it at least.
As you can see, there are many options to weigh when deciding whether to buy or lease your new office space. There is no right choice because both have advantages and disadvantages. Whatever choice you make, The Quality Group will be there to help you seamlessly move your office to your new location.
Work with The Quality Group
At The Quality Group, we’re your commercial relocation specialists. Founded in 1987 in New Orleans, LA, The Quality Group serves the Gulf States with comprehensive commercial moving services from move planning to furniture installation. No other company puts in the time or preparation that we do to make your move stress and hassle-free.