Office spaces are of great help, whether they are private office space or a shared office space. Are you still confused if you need to buy a private office space, shared office space, or should you lease it? We have managed to answer all of your questions in this thread. Once you have started working on your new business, you need to buy a lot of types of equipment, hire employees and pay them, work on executing your plans and projects, need investors and much more. All of these require tons and tons of money, which ultimately requires your investments. If you are working in a strict budget, we will definitely recommend you to go and buy private office space for yourselves, or else you can also start working in a shared office space for some time. There, you can also gain some experience more and build a strong relationship with your other coworkers.
We have gathered some pros and cons of buying or leasing a private office space for you so you can choose on your own too. You can also go for a shared space where you can work as per your preferences.
Pros Of Buying an Office Space
- You will be needing one-time investment as there is no long-term money related commitments when it comes to buying an office space
- You can sell the office and save some money in terms of your retirement income
- You can decorate and work according to your preferences and choices
- You can rent your office as a shared space and can earn more.
Cons of Buying an Office Space
- Buying an office space demand tons of money at once, so you need to invest. Furthermore, it also asks for maintenance cost and appraisal costs too.
Pros of Leasing an Office Space
- You don’t need to worry about maintenance and can run your business
- You can save money and work on more projects
Cons of Leasing an Office Space
- The rental cost increases as the time pass by so there is no fix annual cost
- While leasing, you will be funding someone else’s retirement with your lease payments.
Hence, you answer to lease or buy solely depends upon your financial status. If you are stable enough that you can easily afford to hire an office space for yourself to grow better, you can easily opt for it but for small business owners, having not enough money, leasing an office space is the best option for you. Once you are stable enough, you can go for buying it.