When starting your business, the commercial property in Singapore where all the work will occur is a decision that should be made with caution. You can just carelessly choose to buy a business property without considering the fact that it’s a big commitment on its own. It may have that permanence that you’re seeking for, but there are still downsides to buying a property. The costs are higher, maintenance for the entire property adds to your worries and flexibility isn’t as sweet. A business on its own is an enormous responsibility, and choosing whether to rent or buy a property for it will all depend on your budget and the other advantages found in each.
An office space for rent in Singapore is still an option that should be considered before you even start thinking about purchasing a space instead. Although renting means that you don’t permanently own the space, many factors still make this decision quite fitting for people who want to handle their business with much care and precision. As a better means of knowing what the advantages are to renting property for your office location, here is a short list of benefits.
Buying a property has a lot of upfront costs that you need to settle, and they are often found in large numbers. Renting, however, has upfront costs for leasing that are relatively low in comparison. It also ties up less capital, which helps you save up cash that can be used for other expenses in the making of your business. Commercial property for rent is not exposed to interest rate rises and wouldn’t need you worrying over property value. When the economy decides to decrease or increase its value, you wouldn’t need to pay attention to it since it doesn’t concern you. Capital gains tax is also not accounted for when renting unless you consider selling your lease.
There is less responsibility in your hands when you go for a commercial space for rent in Singapore. While you take care of the repairs and maintenance from within the building, any external maintenance needed is most likely the responsibility of your landlord. If anything outside the building needs to be repaired, you wouldn’t need to hire someone to repair it since it’s part of the landlord’s duty to do it for you. To simply put it, renting a property would mean that you are in charge of what happens inside, not what’s outside.
Surprisingly, commercial property for rent in Singapore provides more flexibility for your business in the long run. Instead of being held down by property ownership, you are able to discuss with your landlord how long the lease will be or make mention of adding a break clause. If ever you wish to relocate eventually, you wouldn’t need to worry about selling the property once you’re done since you never owned it in the first place.
Are you prepared to rent a commercial property for your business? Visit LHN Group – Space Resource today!