Many businesses both small and large wonder whether they should buy an office premise or build one from the ground up. To determine a final decision, there are several factors that you should consider – including your short and long-term plans and the state of the commercial property market.
But those aren’t the only things that you should take into account. If you’re stuck as to which option is right for you, here are four other key considerations:
One of the main factors for both options is the location. You want it to be accessible for your customers and your staff, as well as in an area that’s suitable for your business – especially if you’re selling an item or service directly to customers.
When you buy an office, you can choose from a variety of locations. With the number of premises that open up every month, you’ll easily be able to find one that matches your requirements.
However, there is one main downside to this. You might not be able to afford an office that sits within your budget in an area that’s 100% suitable and you might have to compromise on the size or accessibility to transport.
When building an office building, you have the freedom to choose a location and build an office that fits your business to a tee. Designed exactly how you want it, you’ll finally have an office that’s bespoke.
However, like buying an office, there are some compromises you have to make when it comes to location. For example, the chances of being able to build an office in a bustling location is very unlikely. Therefore, you might have to construct a building that’s in a quieter area with more space to play with.
When are you thinking of relocating your business? This time factor will be another consideration that you should keep in mind when making your final decision.
If you have the time, then hiring a commercial builder to build an office premise is the way to go. But if it’s something that needs to be done quickly, then buying an office space is more suitable.
When looking at both options, consider the price that you want to spend on the process. When you buy an office building, you’re likely to face certain fees, from the down payment to closing fees.
But when you build an office from scratch, the fees you’ll have to consider are architectural design fees, inspection fees, etc. By pricing up each option it will become clear as to which one is viable for your budget.
Your Business Needs
Which option is right for your business needs? If you need a basic office space (say if you run an accounting firm) to undertake your roles, then the ready-constructed option is probably more suitable as it has all of the features that you require.
Whereas if you need customised facilities, you may be better served with building an office space – as you can include all of the amenities your staff needs to perform their duties.