Should You Buy or Lease Office Space in Gurgaon?

If we talk of office space, to a certain extent, the location, infrastructure, parking space, and scope of customization are some of the factors which may or may not affect your decision of buying a property. But the price of the property is an important factor which cannot be ignored in any way. So, if you are looking for office space, you should first decide if you want to buy a new property to set your office or take it on rent.

You must know the benefits of both buying and leasing, which will definitely help you in making the right choice-

Benefits of Leasing

If you are still confused and aren’t able to decide whether to buy office space in Gurgaon or take it on lease, you should go through the below-stated benefits associated with leasing any property:

• On taking a lease, you are not liable to pay any down payment. When you are buying any property you need to make at least 30% payment but when you are leasing any property, you just need to pay a fixed amount of money as deposit, which is generally rent of one month. Other than this, if you have consulted a broker, you need to pay a one-time fee. You can use the remaining money in expanding your business.
• If you take a property on lease, you can deduct lease payments and various other rental expenditures on your taxes.
• You may not be liable for repairing and maintenance of things. It completely depends on the landlord. There are few landlords who agree to pay all the maintenance expenses, while some landlords take up responsibility for some parts of the overall expense. Repairing activities are a real headache which you need not need to worry about when on lease. So, you must clarify this before taking your office space on lease.
• You can set your office in a high-end area if you take it on lease because buying a property in such an area would be very expensive for you. Leasing an office space in a prime location will give you access to many high-end facilities in lesser money.

Benefits of Buying

Buying an office space is also a good deal if you have enough funds. Following are some of the benefits associated with owning your own office or commercial property-

• By buying a property, you can make equity, which is a great advantage. You can use your equity in spreading and expanding your business. Furthermore, you can use it after you take retirement from your business.
• When you own a property, you know that your loan amount and monthly premiums are fixed, which is not going to increase. But same is not the case when you take property on lease.
• You can deduct mortgage interest expenses on taxes. Though you cannot deduct the entire monthly payment, you can deduct the interest.
• You can give the extra space available on your property on rent, which can bring you extra money monthly and increase your income.

Truly saying, there is no single answer whether you should buy a property or go for lease. One should take a decision depending upon the circumstances.

Taking a final decision on whether to lease or buy a property seems to be complicated, but in a way it should not affect you much; what matter is your business. You should adopt such commercial strategies which generate revenue for your business.