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Finance, Loans, Property

Renting premises versus purchasing premises – What is best for my business?

If you own a business and are currently considering between renting and purchasing your premises let us remind you that both has their pros and cons, and it all depends on your business needs and ambitions.

Many businesses choose to rent their premises, renting can mean flexibility to move out, and less maintenance work to do as your landlord will normally have obligations for major repairs. Some cons can include restrictions on space and the need to get landlords’ consent.

Owning the premises provide more control over your future and may be the best cost-effective long-term solution as you have an asset to fall back on. If you no longer need the premises, it is possible to rent it to another business or expand in case your business space requirements change. Disadvantages could include maintenance costs and possible difficulties to sell in the future as business needs change for each company and that includes floor distribution.

ASC might be able to help you assess your best option, we have, after all, been supporting businesses with their lending needs for over fifty years. Contact ASC today to assist further; we don’t work for the banks; we work for our clients.

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