Know the difference between buying and renting a warehouse for your Nairobi business
If you are an owner of a business in Nairobi, you will feel a thrilling time while your business develops. However, as you expand your company, you may need a much bigger warehouse to stock your supplies as well as your products. Here, you will come across a puzzling question as for whether to buy a new warehouse or consider a warehouse for rent in Nairobi Kenya.
When seeking a bigger warehouse for your corporation, the decision of whether to purchase or hire it can habitually be a tricky one, as each option has its own pros and cons. If you are uncertain of your circumstances within a period of six months, then renting a warehouse may be a more flexible option. However, if the term is more than six months, then considering buying commercial properties for sale Nairobi Kenya can be the most lucrative and affordable option.
Hiring a commercial facility is an extremely admired as well as an affordable choice because you may need to pay only a smaller amount as deposit. When you buy a new warehouse for your company, you may have to invest a hefty amount for it. However, renting a warehouse involves some risks, as well, such as an increase in the monthly rent, for which you may need to prepare yourself to tackle the situation by having extra cash with you at all times. To reduce the impact of such variations, factor prospective cost will surge into your financial plan.
Furthermore, buying a new warehouse for your company may need more commitment when compared to that of renting a one. This is for the reason that you may need to pay only a small fraction of the cost of the new commercial property as a deposit. However, the major benefit of buying your own warehouse is that you will have the liberty to renovate it or modify it whenever you want. Moreover, with the increase in the real estate market price, there is a possibility of increasing the market value of your own warehouse.
When you would like to buy a new warehouse for your Nairobi business, you should know that it is much similar to buying a new home. This means that you may need a mortgage loan to buy it but you should prepare to repay the EMI promptly. Therefore, prior to applying for the mortgage loan, you have to do a bounty of research and consider factors, such as:
The amount you need to borrow.
Whether you could repay the EMI regularly.
Deciding the term of the loan.
Calculating the amount of the required space.
Investing in buying a commercial property is the main step for any company, so your company is no exception. You will not only be obliged to factor in the growth of your company so far, but you will have to plan well in advance and estimate the likely extent of the growth of your company in the future. Consider buying a commercial property for your business can be a worthy investment, as well, because it can host the growth of your business for some time.