If your business is booming, it might be time to look for a new location to call home. While you are clarifying the wants and needs for your new space, you might also wonder which would be better for your company—should you lease an office space or build your very own? Both have their advantages and disadvantages.
There is always a “right” and a “wrong” time to buy real estate in Henderson, Nevada, and the secret to success is knowing the difference. When the market to lease is on the high side and property values start to drop, many people hesitate and wonder if they should build or lease. Here is a detailed description below on the pros and cons of both.
Leasing an Office Space
Leasing an office space will give you a bit more freedom to change the location of your company again if you need to in the not-so-distant future. When you enter into a lease with a property owner, you are bound to that lease, not necessarily the property. For those whose businesses are still in their infancy, leasing an office is an excellent choice.
The reality, however, is that even your greatest dreams can quickly be snuffed by unforeseen circumstances. Water damage could ruin your nice equipment, your business might grow beyond the walls too quickly, or you may decide that your building has too much space and is inefficient. During those moments, you will want the opportunity to get out of the lease as quickly as possible. Once you own property and have built your own building, it is very difficult to have those freedoms. You cannot simply walk away and find another place that is better suited for the needs of your company. Renting will give you the flexibility to expand until you are in a position to build.
Building an Office Space
When you own the building and the business, you are in total control of the dynasty that you have built. You will have the advantage of designing your building to meet the unique needs of your growing company. Managing the risks associated with your decisions is a part of investing in your future, and building your own office space is a risk that could easily pay off.
Building your own office will give you the option to grow into the space without having to change locations. The lower borrowing costs make this one of the best times to buy property and build a business office. You might also become a landlord yourself, renting out spaces to other small business owners who are just getting their service off the ground.
Real Estate in Henderson, Nevada
If you would like more information on purchasing real estate in Henderson, Nevada, view our development page or contact a representative with First Federal Realty DeSimone today.