Why It’s Better to Lease Office Space
A big part of starting a business is choosing your location and securing a property. Some budding entrepreneurs want to own a location as soon as possible. While owning a property has advantages, it’s not the only or even necessarily the best option.
In fact, a lot of new business owners ultimately decide that they will lease office space rather than buy it. Are you coming up to the point where you need a property and asking, “Should I lease my business space?”
Keep reading for some key reasons why it’s better to lease office space than buy it.
As a general rule, it’s up to the property owner to deal with repairs for leased commercial spaces. For example, let’s say that the roof starts leaking or the heating goes out in your commercial unit. Those are the kinds of problems that typically fall on the landlord to fix.
The major caveat to that general rule is when you or an employee directly caused the damage with your behavior.
When you buy a commercial space, you typically lock yourself in with a mortgage payment. On top of that, you shell out a big down payment that can get as high as 35 percent.
One of the advantages of leasing commercial space is that you avoid that big down payment. That means you can keep that money for emergencies or future investment in the business.
Leasing simply provides you with more financial flexibility.
Frees Up Time
As any homeowner knows, managing a property soaks up your time. You become responsible for everything from making sure there are light bulbs to scheduling a landscaper to mow the lawn.
When you consider the pros and cons of leasing office space, hanging on to all of the hours is a definite pro. You can spend that time working on your business instead of making sure the building remains intact.
Flexibility in Location
A lot of business owners prefer setting up shop and sticking with that location. After all, your customers already know where to find you.
Unfortunately, the character of a neighborhood can change over time. A neighborhood that was hip five years ago may lose its appeal. Commercial property leasing lets you pick up and move to a better location when the lease expires.
When you own the property, going somewhere else becomes a much more involved process.
Lease Office Space for Your Business
The choice to lease office space for your business offers several benefits. You get more financial flexibility by avoiding that mortgage down payment. Leases expire, which gives you location flexibility if a neighborhood changes.
You avoid the headaches and financial responsibilities of major upkeep and repairs, as that is on the landlord. Plus, you avoid the administrative tasks that go with general property maintenance. That frees up your valuable time to work on your business.
HSW Associates Inc. specializes in leased commercial properties in the Tampa area. For more information about our available properties, contact HSW Associates Inc. today.< Back to Blog