Build or Rent – Which Pays Dividends?
The following infographic is a useful tool if you are deciding whether you want to build or rent a premise for your business. As well as looking into the costs for you to take on either decision, it also goes through some of the important factors you need to consider when it comes to choosing a location. For instance, it reminds you to think about suppliers, customers, labour, competitors and regional pricing which will all have an impact when it comes to where placing your business. Once you have decided on a location for your new place, you need to consider whether you are going to rent or purchase your building headquarters. As discussed in the infographic, there are many benefits to renting. For one thing, you have fewer upfront costs then when you are buying and there are less responsibilities as it’s not your building. After all, maintenance can be a major factor for a new business. It also looks at the financial reasons why renting can be beneficial such as tying up less money. While the benefits are discussed, negatives are also considered such as large deposits, variable rent and the difficulty in making changes to the property.
The infographic also looks at the positives and negatives of building your own property including looking at the fact you will have to keep the property safe. You also have to tie up a lot of money into the property when buying it outright. However, positives include flexibility, the potential value increases and fixed payments. You will have ownership of the property which means a guaranteed long-term future for your company. If you are building the property, you will need to look at construction methods. As you can see in the infographic, you might want to go for traditional building or opt for modular building which a lot of companies like MTX Contracts do. There are many benefits to both. A lot of people opt for modular building where they make the parts at the factory and then transport it to the site. It’s a preferred method as it speeds up the process and is quality controlled. Therefore, you can ensure you are soon up and running with this construction method. By the time you have looked through the infographic, you should have a good insight into whether building or renting a business property is the right way for you to go.