Are you looking for an office space in New York and don’t really know if you should buy or rent in 2018? Well, then this is the right article for you. The decision between these two options can be a difficult one to make, however, we feel that renting is usually the way to go, especially if you are a new business owner and are just starting up. Although buying a space feels very safe for some business owners, in this article we will talk to you about a few advantages of office space for rent to help you see that renting is not bad at all.
You will have less responsibility
Whether you are a new business owner, or the owner of a business that has been running for years, having more responsibilities than necessary can be very overwhelming. When you are the owner of a property that means that you are also responsible for the maintenance, remodeling, security and a number of other management issues associated with the property. This can be very time-consuming and regardless of whether you are just starting out or not, time is not something that you can afford to waste and one of the advantages of office space for rent is that renting an office space will allow you to put that extra time into other parts of the business.
You don’t have to put a down payment
When we say that choosing whether to buy or rent in New York can be a difficult decision is, we mean that and a great part of the difficulty of that decision is the budget that you have. If you want to buy an office space then you need to be prepared to pay 20 to 25 percent of the entire price at the beginning, as a down payment and then you will have to mortgage the balance and this kind of money can be difficult to get, especially for a new business. On the other hand, when you are renting a space you are only required to pay one or two months of the lease value before the move in date which is a real advantage for a business that is strapped for money.
You will be able to deduct the payments
As long as the arrangement that you are making is a real lease, then-then one of the advantages of office space for rent is that you will be able to deduct those lease payments as operating expenses. However, for you to be able to do this the contact that you are signing needs to be just right and the Internal Revenue Service’s rules need to agree that the lease is, in fact, a real lease.
There are many advantages of office space for rent when it comes to New York, and the ones that we mentioned above are just a few of them, but hopefully they are enough for you to be able to see the benefits of renting a space and realize that you don’t necessarily need to buy an office space in order to run a successful business in 2018.