27 Nov What are some advantages of leasing an office space for my business rather than owning?
The advantages of leasing an office space rather than owning it are similar to residential where you’re renting rather than buying your home. Namely, you won’t be responsible for as much maintenance, and when the lease term is up, you can leave.
When leasing a space, the landlord will take care of a lot of the maintenance. Depending on the type of lease, they may be responsible for some of the maintenance or even all of it. In some cases, although not common, the landlord may just be really nice and will even help you out in certain situations.
A side note here is that when you’re negotiating and signing your lease, it is really important that you have a firm grasp on who is responsible for what. Imagine that a year into the lease the HVAC goes out. You think the landlord is responsible, they think you’re responsible. All of a sudden, you’re left out in the cold. Or the heat, depending on what season it is. Always make sure you know your responsibilities when it comes to building maintenance and bills.
Another advantage to leasing rather than owning an office space is that when the lease is up, you can leave. You don’t have to worry about selling the property, which can lead to paying on two properties at once as you set up your new space. You won’t have to worry about leasing the space and becoming a landlord yourself. When the lease is up, you get to walk away.
It’s always important to evaluate your needs and goals before making the decision to lease or own. There are advantages to both, so deciding what’s right for you and your business is essential.