If you own a business and have grown so much that you can no longer operate out of your home, it's time to find an office. Having a physical location is great because it frees up space in your house and helps you make a clean break from company duties by separating your personal and professional lives. You're probably anxious to purchase a property and set up shop but there are some considerations to make. Sure, you can opt to buy a building, but have you considered renting instead? Give the situation some real thought so you can see why obtaining a lease might be the better option.
Leasing Cuts Through The Red Tape
Buying a property of any kind can be a tedious process. Banks traditionally have to comb through your finances to see if you generate enough income to afford the mortgage. Depending on which lender you select, they may require proof of income documents from many years ago. You then have to wait on pins and needles for the approval, which may not happen for quite some time.
You can speed things up quite a bit by leasing an office building. As long as you have the right credit score and can afford to pay the first month's rent and a security deposit, you should be able to move in with no problem.
Leasing Lets You Try Before You Buy
Some leases also come with a rent-to-own option. What this means is that a portion of your monthly rent is held as a form of down payment that can later be applied to the total cost of the property.
No matter how much you may love a certain facility, there are almost always things that you don't find out about until you're all settled in. What if there is a major plumbing issue that requires a whole new plumbing system? Are you prepared to take care of these expenses or will an emergency of that magnitude put you out of business?
Leasing before you purchase gives you time to get intimately acquainted with a building. By the time the lease period ends, you should know so much about the place that you're able to make an informed decision about whether it's a good pick or not.
When you sign your lease, make sure that you and the landlord are on the same page in regards to repairs. Aim for a building with a reliable property management team that you can call and get help whenever you need it. For help finding a property, consult a real estate agent.