Should you buy or should you rent in a city like New York? This is the everlasting dilemma that every new business owner will face at some point which is why so many of them get really confused and don’t know what the right decision is. There are definitely pros and cons to both of these choices, however in this article we will look at the advantages of office space for rent and for sale with the hope that you will be able to make a decision with ease.
Buying an office space
Buying an office space in the best areas of New York is probably the ultimate goal for any business owner since the moment they start their business, however not a lot of those business owners can start off with buying a space. If you are someone that can afford that, then one of the great things about buying a space is that you will be able to give your business costs that are fixed. This is because once you pay the upfront down payment that will be about 20 to 25 percent of the whole price, you will be left with a mortgage payment. That mortgage payment is always a fixed cost which means that you will have a clear idea of what your business has to pay. Something else that you can do is take advantage of any extra space that you may have in your office space and rent it out to other companies. This is a great way for you to use that extra space that will otherwise be left unused and empty, while also getting another source of income with the rent that you will be collecting from the people that choose to rent the space.
Renting an office space
Renting an office space in a city like New York is the main choice for most business owners, especially if they’re just starting off. Renting is significantly less expensive than buying a property and the way in which you pay off that rental is a lot more achievable than paying a mortgage payment every month. One of the great advantages of office space for rent is that you will most likely be able to get your hands on some prime property. You will get a great chance to set up office in an area that is very well located and that has a high image, and these spaces are a lot easier to find as rentals than they are as properties that are ready to be bought. Probably the best thing about rentals is that after you have chosen the right space, you will be done with anything that has do to with any ownership problems because all of those fall on the landlord. This will give you a lot of time that you will be able to put into the business itself and not worry about managing a property.
As you can see, both buying and renting have their own advantages and things that makes them worth the while. Make sure to really go through these pros and after you have done that it will be up to you to decide whether the advantages of office space for rent or the advantages of office space for sale in New York can benefit your business the most.