Are you at the stage of wondering whether you should continue your lease? Don’t you ever wonder what it would be like to stop paying rent? Now is the time you turn your game up and build your own office. Here are the benefits.
Ability to Build Equity
Building your own office space means building equity, which refers to the market value of your ownership of the real property. The higher the equity, the more cash you get if you ever need it. In fact, you can sell it later on for capital for a new business, or when you decide to get an even bigger space. You can use it as collateral for a loan or a down payment for a huge purchase. If the value of the office increases, so does your equity.
Be Creative With the Office
Having your own office means holding the reins to how you want it to look. By incorporating function with aesthetics, you can personally design and arrange your own space. This level of freedom not only gives you the control, but it can also be extremely fun and rewarding. However, if you want to take it to the next level, you might want to talk with a building consultant. Having professionals design and build your office means you don’t have to worry about canvassing for the materials or looking for the right builders. Just because you can do it by yourself, doesn’t mean you have to.
This is the part where you can increase the value of the office. By adding certain design, features, and function, the office could be worth more than you bought it—even more than the improvements you’ve spent on it. So if ever you need a capital, collateral, or on the stage of building a new office—then your equity will be ripe and ready.
No More Rent or Lease
The average rent that companies pay for their offices is at least a whopping $6,100. In addition, they might have to deal with difficult land owners, compromise on rules and regulations concerning the use of the space, and basically not have as much freedom as they would want to have for a place they’re paying a lot of money for. Issues crop up when you have problems such as plumbing or HVAC repairs, and you have to deal with irresponsible land owners. However, you can eliminate this problem completely by owning an office of your own. You can conduct repairs and maintenance on your own convenient time, without having to deal with difficult middlemen.
Owning an office building is a big commitment, however, there are many benefits. Weigh the pros and cons for yourself and choose what’s best for your company.
Emma is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2