When it comes to running a business, keeping an eye on your bottom line is one of the keys to success. Therefore, buying or leasing your office space is a worthwhile consideration. Both routes have their advantages, but the ideal choice will depend on your enterprise. Below is a helpful guide to the details of renting and buying, so you can choose the best option for your growing business. 

Should You Buy or Lease an Office Space? 

Renting Provides Location Options

A leading advantage of renting an office space is that you can easily choose a location that allows you to capitalize on foot traffic and operate close to your target market. It can also be cheaper, depending on the amount of money your business makes annually. Maintenance is often much easier for renters, as your landlord will handle most upkeep duties. On the other hand, when you rent an office space, you can’t build equity in the property, which can add up down the road. 

Buying Provides Tax Incentives & Deductions 

After purchasing a commercial property, you can claim tax deductions for your business and pay a reduced mortgage. Over time, such a property will likely appreciate, becoming a sound investment for your company should you decide to relocate to a larger facility. The downside to owning an office space is that you’re responsible for maintenance and upkeep, in addition to having to purchase the facility upfront. However, a successful business can usually offset that cost in a few years. 

Weighing the Cost of Buying vs. Renting 

The best option for your business will be determined by the amount of money you bring in, as well as how much buying or renting will factor into your annual income. Leasing until your business gets off the ground may be a more economic option than buying an office space outright. However, when it comes to leasing long-term, it’s almost always better to invest in a property and build equity. 

When you run a business, location is everything, which is why the professionals from Winmar Corporation in Lexington, KY, work hard to equip their clients with outstanding commercial properties and office space rentals. They also specialize in property management, so call them today at (859) 254-5755 to learn more about how they can help. Since their inception in 1951, they’ve developed a reputation for providing honest and reliable service, so visit them online for a closer look.