Buying vs. Leasing Office Space – Which Is the Best Move for Your Business?

A company’s investment in the building or space where its activities will occur is substantial. This is still the case even if you run a business providing professional services and require an office. 

You have two choices: buy a commercial property or lease an office space. Renting versus buying can be a significant decision that affects numerous aspects of your business going forward. Take a look at a few things to consider as you determine whether buying or leasing an office space is the best plan for your operation.

How is your business anticipated to grow in the future?

The anticipated growth is essential when deciding whether to buy or lease office space. 

Leasing a small space may be fine if you operate a small business. However, leasing may be even more feasible if you expect to add more employees and need more room eventually. It is often more financially logical to lease in the beginning and consider buying once growth has stabilized and you are more confident about what kind of space you will need.

How likely is it that a specific location will be an ideal permanent setting?

One of the biggest reasons businesses relocate is to access customers. Therefore, consider your current customer base and how or if that could change shortly. Relocating your business after you have purchased the office you are using can be more time-consuming and challenging than simply allowing a lease to expire and finding a new place in a new location. If you are sure the area will be an excellent permanent base for your operation, buying may be a more feasible option.

Does your business have the funds to handle property maintenance?

One major perk of leasing office space for businesses with limited cash flow is that property maintenance is often not the tenant’s responsibility. For example, if you lease an office building, the property owner will likely be financially responsible for repairs. However, if you buy that building, those costs will be your responsibility. If your business has a steady cash flow and room in the budget to maintain the property, purchasing an office space could be a viable option.

Can you obtain financing for the investment?

Obtaining financing to purchase real estate that will be used for business purposes comes with its own challenges. Lenders often want to see the following:

  • Stable business finances
  • Healthy personal finances
  • Sustainable business plans
  • Property that can hold its value as collateral for the loan

Many small businesses start out leasing a property because obtaining commercial financing can be challenging. Therefore, if you are just getting started, leasing a property until the company is more financially stable may be the only option unless you have private funds.

Get Expert Help with Your Business Relocation Plans

Moving a company requires extensive preparation and the coordination of many moving parts. Therefore, enlisting the aid of an experienced business relocation company can be a critical step in providing support. 

Are you looking to discuss your upcoming relocation plans? Then, contact our team to get started.

Choosing a New Neighborhood for Your Family: What to Look For

Choosing a neighborhood when making a household move is a big decision. Especially if you have children, the community where you live will affect everything from the school they attend to the children they may choose to be friends with.

Finding a neighborhood with the right services and convenient features can help your family find happiness in their new home. Here are some tips for finding the ideal home if you’re looking for a new residence.

Sidewalks and Walkability

Kids need a safe way to walk throughout their neighborhood. Sidewalks give children independence from their parents, making it safe (once they reach a certain age) for them to walk to school, their friends’ houses, and other parts of the neighborhood.

To find a neighborhood where your kids can walk safely, pay attention to the presence of sidewalks when you’re looking at houses. The best sidewalks are wide and easy to traverse, free from damage by tree roots.

You can also check a neighborhood’s walkability by looking up its walk score. A community’s walk score will tell you whether the area you’re considering has good access to public transportation and how far that community is from essential services.

School District

What are the schools like in the community you’re considering? Find out which schools are highly ranked in the town or city you’re considering moving to. Knowing the quality of the schools will help you determine whether the neighborhood you’re viewing will be a good fit for your kids.

Remember that many online websites are dedicated to helping parents find the best schools in the city where they live. Looking up the reviews from parents and people who work at each school can help you make a decision that you and your kids will be happy with for years to come.

Access to Services and Amenities

When you have kids, many services and amenities can come in handy. For example, it might be vital for you to be close to the doctor, dentist, hair stylist, community sports and recreation organizations, and more.

This is especially important if your children are involved in sports and other activities that can take up much of your time. You will only want to spend a little bit of time on the road for essential services if you’re already running your kids around after school to various events. Finding a centrally located home might be ideal for you.

Presence of Other Children

Often, children like to be around other kids. They need friends for their personal happiness and social development. 

To help your child find friends in their new neighborhood, choose a location where many other children live. While it’s not always easy to tell if an area has many children, look for clues like toys in the driveway or scattered around the yard, a basketball hoop in the driveway, kid-sized bikes in the front yard, local playgrounds, park district offerings, and so on.

Prepare For Your Upcoming Relocation

Make your upcoming relocation a positive event for everyone in the family. Hire professional movers to pack your items and safely get them to your new home. Contact us today to get started.