The decision to buy or rent office space is one of the most important financial decisions for a company, regardless of whether it is starting a new business or expanding an established company. In both cases, you should carefully consider the advantages and disadvantages of both options and make a decision with a sober head. The business goals of the company should definitely be evaluated, as this is a good starting point for considering the decision. And your opportunity to make the space work for you. So what are the things to consider when looking for office space in Tulsa?

Do the math

Most of us forget to include an important thing in the cost of doing business when making a sales calculation of our product or service. And that thing is the cost of office space. We can all agree on that. Those who pay the rent, know how much they need to earn and allocate money every month to pay it. Here they have an advantage over the owners because at least they know the amount of the lease. And don’t forget to calculate your moving costs! If you’re not sure how much it’s going to cost you, know that Tulsa’s specialists can assist you with costs and moving in. And everything in between.

Lease vs. buy office space in Tulsa

The first step is to determine what type of office space you need and for how long you’re gonna need it. If you’re starting a new business, then you’ll most likely need a place that is big enough to accommodate your needs for the first few months. If you’re expanding an existing business, then you’ll need a place that is big enough to accommodate the growth you anticipate. Let’s look more into it:

Lease

Renting office space allows your business to be more agile, flexible and scalable. Leasing allows you to find a location that will present your business perfectly and be easily accessible to your clients and employees.

• you will have more free capital at your disposal, which you will be able to direct into business development
• leasing reduces the cost of furnishing the space and purchasing office equipment
• you don’t have to worry about maintenance because the owner is responsible for it
• but there’s always a risk of your lessor asking for you to move out at any time, or the possibility of raising the amount of the rent

Buy

If you have enough capital to buy office space and develop your business, this can be a smart decision. It is not just an investment in your business, but in commercial real estate whose value could increase. You can even sell the property, adding value to your company.

• As the owner of the space, you don’t have to worry about having to move out if the landlord has other plans
• some expenses you incur as a property owner can be used for tax relief
• buying office space requires high initial costs
• you can remodel the space the way you want it
• you are responsible for property insurance costs and maintenance and repair costs

In the end

In conclusion, the debate between leasing and buying office space in Tulsa is one that is worth having. There are pros and cons to each option, and it really depends on the specific needs of your business as to which is the better option. And if you need some help and tips regarding real estate and moving, you can easily find them online. Carefully consider all of the factors involved before making a decision, and consult with a financial advisor if needed.