Are you considering renting a commercial property? Perhaps you are trying to decide whether to buy or rent somewhere for your small business. Or maybe your business is growing and you need some extra space to base yourself. Here at Boxpod, we have a great selection of different commercial spaces for rent, to suit your every need.
Regardless of the state of your business, its size, or the specific requirements that you have, we believe that renting your commercial workspace is the best for you and your business. Whether you are looking for an office space, workshop, or retail unit, why not take a browse through our commercial property for rent?
If you are not sure whether renting a commercial property is the best choice for you and your business, read on, and we will give you the pros and cons to help you to make your decision.
Pros of Renting a Commercial Property
There are a number of pros to renting a commercial property instead of buying one. These include:
Financial Benefits
Buying a property – whether it is commercial or domestic can be expensive. This does not only include the costs of actually buying it, but also keeping it well-maintained. The costs of buying a property include paying potentially a mortgage, rates, and repairs regularly, as well as solicitor and agent’s fees, surveys, and extra taxes during the buying process.
By renting a property, your costs will be significantly lower and the responsibility for the upkeep of the property will normally be on the landlord.
Mortgage rates are affected by interest rates, whereas rent values are better protected. This means that as a renter, you are less impacted by fluctuations in interest rates. Instead, you will have a set amount each period that you will be paying which, of course, makes it much easier to budget.
This means that finances can be allocated to other parts of the business, which is important especially if you are trying to grow it.
Flexibility Over Terms
Renting a property gives you and your business more wriggle room over the terms of your agreement. This means that you can fit them as closely as possible with the needs of your business in terms of anything from the length of the lease, the amenities that are included, or the size of the workspace, for example. It also gives you the opportunity to renegotiate if you need to – if, for example, your business has grown unexpectedly.
Adaptability
When you buy a commercial property, it can be much more difficult and take longer to sell and buy a new property than simply move to a new rented property. Unless you are a large, established company, the ability to be able to adapt and move to a different workspace – a larger or smaller office, a better location, or a more modern commercial property that better suits your needs, for example – can be essential in the success of your business.
Repairs and Upkeep
It is important to check the terms of your rental agreement to be sure about who is responsible for different aspects of the repairs and maintenance of a commercial property. It is normally the case that the landlord will look after the building and systems and the tenants for the day-to-day repairs and upkeep. However, if you were the owner of a commercial property, you would be responsible for everything!
With a landlord taking care of repairs and maintenance, you can not only ensure that you do not have a sudden, unexpected outgoing, but also that you are not spending unnecessary time organising something to get fixed.
Cons of Renting a Commercial Property
For some businesses, there are a number of cons to renting a commercial property, meaning that buying one might be the preferable option. Some of these cons include:
Ownership
If you own your own commercial property, the mortgage that you are paying each month goes towards your ownership. When you are renting, however, you do not ‘get’ anything over time except the use of the property and the other benefits that are outlined above.
If you know that the property is for you and that you will definitely want to stay there for a long time, buying might be the best option for you – as long as you can afford it, of course!
Market Conditions
There can be times when the value of properties can significantly rise. As long as you can sell your property for more than you bought it for, you can make a profit on it. It is worth remembering, however, that things can also work in reverse, and some people end up losing money if values go down.
No Rent Reviews
When a business rents a commercial property, there might be the chance that the landlord carries out a rent review and puts the rent up. You will, of course, have the opportunity to find a different commercial property and move there, but when you own your own, you do not run this risk. You do, however, have the possibility of your mortgage amount changing either at the end of the fixed rate period or with changes in interest rates.
How to Rent a Commercial Property with Boxpod
Here at Boxpod, we make renting a commercial property easy. Regardless of the type of commercial property that you are looking for, we have a wide range for you to choose from.
On our website, you can search using location, minimum and maximum rent, and the type of workspace that you are looking to rent. We will then give you a list of properties that are available for you to peruse, and you can get the details of each property when you click on it. You can then fill in our form to make an enquiry, and we will get in touch with the landlord for you.
So, why not take a look and see if we have the perfect commercial property for you to rent?
Looking to expand or grow your business? Find your perfect space on Boxpod.
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