The advantages of renting commercial property
When searching for commercial property on a property portal like NovaLoca one of the first choices will be whether you are renting or buying. Following our recent blog looking at the benefits of buying business premises, here we are looking at reasons why you should consider renting a property.
Upfront Costs – Unlike buying commercial property, you won’t need to have a larger sum set aside for an upfront deposit when renting. Therefore renters can potentially have more capital left to spend on more pressing business matters such as supplies and staff.
More Choice – Renting is by far the most popular method for businesses when looking for commercial property, therefore you will find far more premises to search through when looking for rentals. This means more choice, giving you the best chance of finding the right property for your business needs.
Greater Flexibility – Business markets are ever-changing and renting gives you more versatility to adapt to any changes. Buying can leave you anchored to one spot, while renting means you can move nearer to suppliers or rivals if needed. What’s more, it’s easier to end a rental agreement than it is to sell a premises or find new tenants.
Less Responsibility – Buying a property means you are responsible for every aspect of the building, whereas renters could benefit from not having to worry about building maintenance, fixtures & fittings and security. This in turn can reduce costs which owners would inevitably have to pay for.
Decreased Risk – Owners of a property can benefit massively if it rises in value, but suffer if the value falls. Renters don’t have to worry about this and aren’t locked into the same type of commitment that buyers are. If your business grows or retracts, there’s scope for renters to find a more suitable property without having to sell the property.