Finding a workspace that you can call your own is perhaps one of the most important facets of any independent professional’s vocation. However, while this can be an exciting and adventuresome task, it can also be an equally challenging obstacle. You’re faced with wanting to select somewhere that can assist in you conducting your best business practices, but at the same time you also want somewhere that is going to provide a comforting and stress-free aesthetic – decisions, decisions!
So what do you do in this scenario? Well, there are two options. You can either buy a space outright, or you can rent one. However, from a professional perspective, the benefits of renting are boundless and easily outweigh the long-term commitment that is associated with buying your own space. For the off-site professional – or everyday independent contractor – renting your office space will prove to be the saving grace of cost-efficient alternative workspaces.
Below we have compiled some of the primary reasons as to why work-at-home professionals and contractors should consider renting an office space:
No Upfront Costs of Operation:
Purchasing your own workspace can be rewarding, there’s no dispute about that. But once you see that stack of papers that you have to fill out and once you see the amount of money you have to put down, you’ll be second-guessing yourself. Working professionals want to go into this situation with a clear head and a confident sense of judgement, but when certain landlords and workspace companies require you to pay a down payment of anywhere between 10% to 30% – a flurry of negative emotions can ensue.
When a working professional leases a space, they are only required to pay a deposit which is typically one month’s worth of rent. I mean when you think about that compared to say a 30% down payment, it is a minuscule upstart cost. Additionally, if you choose a co-working space or an alternative workspace, chances are that you did not need a broker so you can also avoid any type of brokerage fee. Not only are you saving money, but you can also use any money that would’ve been allocated to a downpayment on capital or internal expansion.
No Need to Worry About Maintenance or Repairs:
When leasing or renting an office space, typically the landlord is responsible for any types of repairs that need to take place. This is a major benefit of renting an office space! The less you have to worry about maintenance, the better the situation is for you as a working professional. You already have enough on your plate having to satisfy the requests of your clients, so worrying about fixing something should not be one of them. You may have to make sure that you keep your overall space cleanly and free of any major messes, but other than that you are not responsible for what you cannot control.
And, if you’re a great negotiator, sometimes you can even have the landlord agree to pay for the maintenance expenses, any necessary repairs that have to take place, or even overall improvements of the space. We advise that you make sure your lease is tailored to your specific needs and if it is, you will have a stress-free environment to work in.
Ability to Lease in a Desired Location:
Let’s face it: the office space you want should be aesthetically pleasing and capable of suiting your professional needs – but what about the location the workspace resides in? Well, remember that large downpayment of 10%-30% that you would’ve been required to pay? With the money you saved, you can now apply that towards finding a space in a higher-end area. You don’t have to worry so much about being cost-efficient because by choosing to rent, you’ve already saved yourself a pretty penny.
Purchasing property in a higher-end area is cost prohibitive and entirely against the idea of saving the working professional money. By choosing to lease in an up-and-coming and higher-end area, professionals who choose to lease will have access to very upscale properties that they would’ve been initially restricted.
Other benefits of renting an office space include:
- Networking opportunities due to the talented and knowledgable individuals also renting office space around you. Co-working spaces are a hotspot for the transfer of knowledge!
- Reduced tax paperwork so that you do not have to be burdened with a pile of papers. If you are an independent contractor, it will be easier to file for your income tax returns without long-term property attached to your name.
- Fewer responsibilities will allow you to concentrate on your work without any distractions or obligations to the space.