Build Or Buy? Finding Your Perfect Office
The time will comes at some point in your business life where you will look to move from your home to an office. Deciding whether to buy an office, rent a space or build your own premises is a decision which can be difficult and will take you a lot of time.
Although renting an office might be the cheapest idea to start out with, you will not have the control over the space so if you ever want to extend you cannot. Buying an office or building one gives you full control over the premises and allows you to make it into your own unique space. But which is better?
It is pretty obvious that buying an office space is cheaper than building one from scratch. When you buy a building you will have to pay fees for solicitors, damage reports, the mortgage and all of the other taxes involved. When you build an office you will have all of these costs plus your construction costs. You will need to pay for the framework of the building, which will either be Armstrong Steel or wood: the electrics and plumbing and then everything else inside. Once this is all paid for you will have a long wait before the building is finished, so if you are looking at cost alone, buying is better.
Your Unique Needs
Although buying a property is much more cost effective for you, the building you buy may not fit your requirements for business so you may end up rebuilding some of the structure anyway. In this case, you may be better off hiring an architect to plan your perfect building including everything you need to run it effectively. It will take longer however you can be sure that you have everything you need for your business to run smoothly.
If you do build your own office, you could benefit from building the premises much bigger than you need for your own operations. Once the building is all done you can rent this extra space out to another business and earn income from the rent they pay for you. It will make the most of the space you have as well as pay off some of the building costs you incurred in the process. You could even rent out small offices to multiple different people and companies to make even more money from rent. This will be a great way to earn extra for your business to grow and develop.
Depending on whether you build your premises or buy it, you may be eligible on some cases for certain tax benefits which you would not get with renting. This is due to the fact that the investment you make for building or buying an office building could result in a large number of new jobs for people in the area. The local council will look favourably on this and will likely reward you with certain benefits. It may be worth checking if your local area offers these benefits, as it will affect your decision.