| Buying your own Premises: The Right Option for You? |
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When deciding to or actually going ahead with and starting a business comes a series of crucial decisions to be made, renting or buying a commercial premise to work from is up with the highest priority questions you must consider. Have you recently either started a small scale business or looking to unleash the entrepreneur within to embark upon an exciting business venture? If capital is scarce and revenue isn't flowing at the rate you'd expected as of yet you will need to consider renting a premises before even contemplating investing in your own property. If you are fully equipped with the financial backbone in tow then by all means buying a premise offers numerous advantages. As the owner of your premise, opposed to tenant allows you the complete freedom to use as you wish - providing planning regulations and conditions imposed by banks are prior approved. Owning the premise allows you to: -Have more freedom and flexibility in regards to the management, repair and maintenance of the building. -Once you have decided to move on and sell the premise, you will benefit from any profit acquired if increases in value. -If/when your business takes off and you look to expand, you may one day be in a suitable position to let your property; injecting another revenue stream through your business. -Leave whenever you please, tenancy usually ties you into a fixed term contact and owning the premise eliminates any such limitations. Although purchasing a commercial property offers many enticing attributes, you will also experience greater financial commitments and higher risks are at stake. Buying a property may: -Eliminate portions of your disposable capital which could be used for the opportunity cost of investing into your business. -If you decide to move on and vacate the premise, the possibility of incurring a loss of negative equity should be considered especially within the current economic climate. -As the UK economy slips into recession, the threat of repossession is all the more real as mortgage repayments are becoming increasingly extortionate. -Take a while to turn the property into an appropriate working environment; not only will the time taken cost you, employing builders to erect fixtures or furniture and the products will also leave you a little less off. -You will be responsible for the safety of the building and will need to keep updating and implementing any new regulations such as fire precautions and health and safety enforcements however in some tenancies this is required also. Hopefully you know have a better understanding of the different advantages and disadvantages you should consider before entering any contracts either way. Good luck with your decision and be sure to reflect on these key potential occurrences and possible outcomes to ensure the right decision is made by you. |
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