Buying a property means you have an asset in your business premises, but you'll also take on some additional risk. If you rent you can move quickly and easily, but you are vulnerable if your landlord decides to sell the property.
Consider what you want from your premises, how long you'll need it and what works best for your budget. The key things to think about are:
- Do you need a property that will allow your business to expand?
- Will buying a property put your company at risk financially?
- Do you need a property temporarily or for the foreseeable future?
- Location v affordability - which is most important?
- How will costs impact you now and in the future?
Choosing whether to rent or buy is one of the biggest decisions you'll make in the early stages of your business' life, so make sure you consider all options and angles. You can also discuss your circumstances with other business owners, a chartered surveyor or accountant before taking the leap.