To rent or to buy? The question plagues many business owners and residents in Dallas as they search for a new office space or new homes. The answer usually depends on a variety of factors and is not a decision that can be taken lightly.
We’ll cover the benefits of having an office space for rent in Dallas for business owners as well as things to think about when making your decision.
Moving to a new location may be easier
Businesses want to grow; it’s a sign of success. Increasing the number of clients will lead to increased revenue. However, to keep up with demand, you will need to add employees, which can leave your current office feeling cramped.
When you rent your workspace, you sign a lease for a specific amount of time. Once your contract is up, you can decide to stay or go. If your current space has become too small, you have the freedom to look for a larger area without worrying about selling your place first.
You aren’t responsible for maintenance
Offices, just like homes, require maintenance to stay in good condition. New roofs need to be installed if one springs a leak. Have a plumbing issue? You’ll need to hire someone to look at it and fix it. It takes time and money to keep an office building in good shape.
When you rent your office space, you don’t have to worry about any of these things. Most landlords are responsible for maintaining the office and fixing problems that arise (unless your lease states otherwise). Such a policy ensures you don’t have to find time in your day to call and meet with contractors, and your budget won’t take a hit dealing with unexpected maintenance costs.
You may be able to get into your own space sooner
Just like purchasing a home, buying an office in Dallas requires a down payment. Often, this can be 10% of the total price or even more. Saving up for this significant expense can take a long time, leaving you stuck in your current office space for longer than you wish.
Renting an office space typically only requires a security deposit. Some, however, may require the first month’s rent also, which is often a much smaller amount of money than what is needed to purchase an office space, allowing you to move into your dream workspace sooner.
Some landlords offer additional perks
Some landlords with office space for rent in Dallas offer renters additional benefits. Some may cover expenses such as trash or water. Others may even remodel the office space to fit your needs and reflect your tastes.
If you were to purchase your office space, you would be responsible for all utilities and remodeling costs, causing a big dent on not only your purchasing budget but your budget down the road too.
A few renting tips
Once you’ve decided that renting an office space in Dallas is for you, there are a few things you need to think about.
- Get renters insurance. This not only protects you from theft in the office, but it can also help you recover after a natural disaster such as a hurricane.
- Consider parking options. Make sure you have enough parking for you and your employees. Ask your landlord if parking is available, and if so, if it is free or an additional cost.
- Ask about accessibility. Make sure you know who will have access to your office and if the landlord has a restriction on how many copies of your key can be made.
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