Getting a new office space is exciting as an entrepreneur. The furniture forms a vital aspect of the look of the place. It not only helps build the brand image but also ensures your employees are comfortable where they work. Having said that, the question is whether you should rent or buy furniture? To answer this, let’s look at the pros and cons of buying versus renting furniture for the office space and see what works the best:
1. Buying furniture for the office
If you own your office space, you might want to consider buying furniture. There is a lot that works in favor of buying furniture. Owning an office means you will be there for a good couple of years and not move too soon. In this case, buying would mean you have a one-time large payment to make on the furniture but actually save on the expense of paying rent for several years. Moreover, if a bit of furniture gets chipped or damaged, you do not need to worry about paying any penalties for it.
Finally, as a brand, you might want to customize the color and design of furniture to suit your image. In which case, you would get greater options to customize with buying as compared to renting. You can choose specific colors and shapes to match your logo and line of business. The downside of buying is undoubtedly the heavy investment made at once as well as the transportation costs that you might incur for relocation.
2. Renting furniture for the office
A newer trend sees an increasingly large number of people opt for renting furniture. Renting furniture has many benefits too. To begin with, it allows you to save on the heavy capital that you would need to invest to actually buy furniture. Paying monthly rent is definitely more affordable. Also, you might not always need fancy furniture at work. For instance, if you need a well-furnished conference room just for a couple of meetings, you would fare better renting it than actually buying so many chairs and a long table. Next, if you plan to relocate soon, renting furniture would fall much cheaper than actually buying furniture and paying for transportation. Furniture that is rented can be easily returned and you can rent furniture at your new location.
Another major benefit of renting is the ease with which you can constantly evolve your office’s look and style. As you are not stuck with furniture that has been bought, you can mix and match and keep changing your office decor. This will liven the atmosphere for employees and also have quite a positive effect on clients who visit. A downside of renting would probably be the penalties that you might incur due to any damage to the rented pieces. In addition to that, renting may leave you with less room for customization.
3. The verdict for buying versus renting furniture
The final decision of whether to buy or rent furniture ultimately rests with your unique needs for your office space. Remember that what works for another office may not work for you. Do a thorough evaluation of the pros and cons of buying versus renting furniture before making a decision.