Undoubtedly, making the decision of renting or buying office space is the most difficult decision made by every entrepreneur in his entire business life. However, this decision could be made far easier if you’re aware of the pros and cons of both scenarios. So, just to help you out, experts at Entegra Business Centre®, Calgary have gathered the following information which would be of huge help when you make this decision for your business.
First, let’s just talk about the option of Office Space for Lease Calgary:
Upsides Of Leasing
- Access To Premium Properties
This is very beneficial when you’re setting up a new business. You can start up at a prestigious location where you have better customer reach.
- Ease Of Relocation
Leasing an office space doesn’t come in form of a permanent liability. So, you are privileged by the liberty you get to relocate whenever you feel like it.
- Limited Liability
When leasing, you are free from the responsibility of basic maintenance including minor repairs and damages. This acts as an extra money saver tip for you.
Limitations Of Leasing
- Additional Expenses
The only added cost in the case of leasing is the brokerage that you pay to the real estate agent. However, it is a very nominal amount that could be recovered from operations during the long term.
- Limited Assets
Since you didn’t buy the property, it will not be your asset. Once the lease ends, you may have to vacate, having left with no other option.
Let’s now move to the option of buying the office space:
Upsides Of Buying Office Space
- Asset Build-up
Buying a property whether domestic or commercial always becomes a lifetime asset for you and your company and eventually affects your net worth, equity, and market value.
- Source Of Passive Income
Buying a commercial property allows you to have wider flexibility. In case you are not able to carry out your business operation
Limitations Of Buying
- Exorbitant Costs
The cost of acquiring office space is significantly higher than that of leasing.
- Higher Liability
As the property owner, you would be responsible for any damages and repairs.
From the above-mentioned analysis, it can be deduced that going with the option of Office Space for Lease Calgary sounds more logical because of its far higher amount of benefits.