Starting a new business is exciting, however, it's key to do your research to make sure you're investing in something worthwhile. This goes for the type of Gold Coast commercial property you use for your operation, too. Here, we break down what you need to consider before deciding whether it's better to purchase or rent a commercial property for your growing business.
The type of commercial property you need for your business depends on what you need it for, and how it'll assist your company. Property types you may consider include:
Each type of property, whether purchased or leased, has benefits and challenges for those who choose them for their business.
For businesses that are still being established, renting a space is considered the more secure option. New businesses often don't have a lot of spare capital on hand to purchase their own property. A rented property poses less of a risk in case the business goes under, or if the leased property isn't the right fit for operations. Lease agreements can always be exited – purchases, however, hold more permanence.
Furthermore, a rented space means that those leasing have all the benefits that a property manager offers. This includes repair to fixtures and fittings as outlined in your tenancy agreement, as well as making sure the property is safe for you in the first place. This is a double-edged sword, however, as it means you might not be able to fit out the space in the way you'd like, depending on your lease terms.
Established or longer running businesses, on the other hand, may benefit from purchasing a new commercial property for their growing venture. In most cases, long-standing companies have loyal customer bases, ensuring that income is still going to come in even with a relocation. This doesn't have to mean ending your existing lease – in fact, many businesses choose to operate in multiple locations to increase their reach. Buying your own commercial property means you can decorate it in accordance with your desires, exploring different ways to communicate your brand message through design. Addtionally, you'll have more financial control, as a landlord won't suddenly sell up or increase the rent.
Regardless of the Gold Coast commercial property you need, our team are dedicated to helping you find the perfect fit for your business. For all things property, get in touch with the experts at Ray White Surfers Paradise.