Nearly every growing small business knows that one day it has to come out of the spare bedroom and migrate to an actual office space. The big question that these businesses shall face is whether they should spend the money buying an office premises, or whether they should spend their money renting a ready to go space. There are a lot of pros and cons to leasing or buying space, and it can be difficult to decide what to do. ultimately, you have to think about what is going to be the better decision for your business and what will suit your budget the best.

You can make this decision with some input from others, but when it comes to your budget it’s got to come down to cold, hard facts. Here are those facts and in the form of pros and cons on whether you should lease or buy your office space.

Buying Pros:

• You can make changes as you see fit. If you don’t like the layout, you can call in the experts at Hin Chong Lift Installation services and get the entire office made more accessible or changes in its layout. You are not limited to the changes that you make beyond your own budget issues.
• The costs in a buy are more fixed. There is no landlord to tell you that the rent is going to change and suddenly start costing you more money.
• Owning the office doesn’t mean you’ll be using the whole thing; you could choose to rent out desks to freelancers and earn yourself a little bit of an income.

Buying Cons:

• One day, you could grow beyond your own expectations and end up being forced to sell your office space, which can throw up some difficulties in itself if it doesn’t sell in time.
• As with buying a house, buying an office has some upfront costs that you may not expect to be paying. This can include maintenance costs and appraisal costs, on top of a large down payment for the deposit.

Leasing Pros:

• You can choose to rent an office space in a prime area to build your business up. If you can’t quite afford an inner city lease, you can move a little to outskirts and still find a lot of customers to sell to.
• You won’t have any cash tied up in the mortgage of a large office space, which can be crippling. You will, therefore, have more free cash to use.
• Leasing gives you far more freedom as your business increases or decreases to move where you like; you’re not tied down.

Leasing Cons:

• Leasing can come with rent increases that can be rather crippling to the budget. You don’t need to stick to that, though, as you can move on if you want to.
• Leasing leaves you without any equity for a future retirement pot.

There’s no right or wrong here, as it’s all dictated purely by circumstance. Choose wisely and don’t be afraid to hunt around for the best option for your business.