Are you renting or leasing office space  for your business? Would it make more sense to buy? Depending on the nature of your company, making the decision to rent or buy can make or break your business. The decision comes down to an honest assessment on the type, size, goals, assets, and financial health of your business. Consider which makes the most fiscal sense for your distinct brand; is renting or buying office space better for you?

Not sure you want the headaches of ownership? Renting or leasing makes the most sense if you prefer to have more cash on hand than tangible assets, that is, equity in your office space.
On the flip-side, if you are more interested in building equity for your business, with some sort of control over costs and function, buying an office space may be most practical.
Invest the time and resources to speak with a certified accountant and financial advisor before making these big decisions. Always consider future growth potential when tying yourself in to a long lease period or a property purchase. Research the geographic location thoroughly before investing in a specific locale. Some advantages of renting include the lower financial commitment, yet accessibility to prime real estate for your office rental. Many business owners are able to rent much nicer property than they may be able to afford to purchase.

There are tax deductions associated with paying monthly rentals on a leased office space; there are also tax deductions for buying an office space, too.
When you rent, it might be easier to move around and relocate your company as desired. It becomes much more complicated when you are committed to a specific spot through a sale.
Don’t’ forget that buying a property, like an office space, always provides an additional source of income, as needed, in the future.

Wondering if the time is right to buy office space? Not sure if you can afford it? Talk to the experts at Rushview Commercial Funding to learn more today.