One of the biggest issues that every single entrepreneur has is the question of what to do with their work-space. On the one hand, leasing an office space seems to be the most common and, therefore, the most logical solution, however, what if your scenario is a bit specific. What if you need a production unit that is so complex and specialized that you have to make permanent alterations to the building? Is this something that your landlord will be comfortable with? Moreover, if you decide to relocate, for whatever reason, is this something you would have to repeat at the next location, as well? All of these questions may make you ever fonder of the idea that you should build your own business space instead of renting it. Here are several other factors worth keeping in mind.

Consider growth

The issue of growth is one of the first things worth considering and it goes either way. First of all, moving to a bigger office is easier if you’re renting, seeing as how you can just cancel your lease and look for a different place. On the other hand, building an office that your company can grow into might be an even more frugal office. Why? Because you keep the option to sublease the space to someone else. The biggest problem with subleasing the place you’re already paying the lease for lies in the fact that your landlord might strongly disagree. In this way, you, as an owner, keep the right to do with the extra space as you please.

Cheaper than buying

Another thing you should keep in mind is that renting or building isn’t necessarily the best comparison out there. You see, it’s much more accurate to compare building to buying, due to the fact that both of these trends result in the ownership of the building. Now, due to the fact that you get to choose the property, the construction crew and even hire specialized gear on your own, you get the privilege of customizing the price in order for it to fit your budget. For instance, when building your NSW office, instead of risking with scaffolds you can look for construction crane Sydney hiring options and see how this fits your plans.

Brand-specific building

One of the greatest privileges you get to keep is the idea of making your building brand-specific. In the introduction, we’ve mentioned the probability that you’ll have to work additionally on the building you’ve rented. Imagine a scenario where the garage door is too small for the standard truck of your main supplier. Well, when you’re making a building to fit your own business model, such a thing simply can’t happen. Most importantly, if you have the budget for it, you can make an architectural statement that is in agreement with your brand.

Energy efficiency

The best thing about building your own building lies in the fact that you can make it as energy efficient as you want. Sure, you can always look for a tad greener office, however, here you really have the chance of making a difference. This ranges from the installation of solar panels to the top of the building to installing the most energy-efficient windows you can find. Aside from this, you can also plan the layout of the building so that it provides you with a chance for the more efficient heating system. Here, we need to make a short reflection on the previous section and mention that green business practices may become a part of your brand as a whole. In other words, you get a privilege of portraying your business as green.

Having a landlord vs. being a landlord

At the very end, the choice of renting versus building is nothing more than a choice of whether you want to have a landlord or be a landlord. In other words, if you find the building you’ve made to be too small for your growing operations, you can always move to another location and rent it out to someone else, or sell it, raise an additional loan and purchase a bigger place someplace else. In other words, just because you’re not using it (in a distant future) it doesn’t mean that it was a bad investment at the time or that it is a choice that will put you at a financial disadvantage.

 

As you can see, building your own building provides you with a chance for a greater independence and the greater customization of your business model. Nonetheless, it takes a lot of work, research and organization in order to make it work. The overhead of construction depends on you alone, which is why there’s no clear answer to the question of whether it’s more cost-efficient to rent than it is to build. This remains for you to figure out.