When you’re planning to grow your business, it’s often necessary to invest in a new office space and that’s where things can get tricky. Buying an office space in Bangalore is one of the biggest investments you can make as a business owner and it requires careful consideration and planning to ensure that you’re making the right choice for your company’s long-term goals.
It’s exciting to think about moving into your own office space, but there are some important questions you should ask yourself before committing to a long-term lease. An office may seem like just another business expense, but an office space represents much more than that. It’s the hub of your business operations, where you meet with clients and run the day-to-day operations of your company.
So, before putting pen to paper on the dotted line and signing over a year’s worth of rent checks, make sure you ask yourself some critical questions to avoid regrets down the road!
To help you make the best possible decision, here are eight questions to consider before buying an office space in Bangalore.
Can I afford it?
The first thing you need to consider before making such a huge investment is how much money you have for a down payment.
If you don’t have enough saved up, you could look into other, less expensive options like coworking spaces or home offices. But if your startup has been doing well financially, it might be time to start looking at commercial office space for sale in Bangalore.
Is this the right location?
When you are in the process of choosing an office space for sale in Bangalore for your business, one of the biggest concerns is the location. The location is important because it determines how much you will be paying for rent and other expenses.
You must make sure that the location is accessible and prime in nature. It would be great if it is in close proximity to public transport services, hospitals, and restaurants.
Is the location conducive to my business needs?
Location is a major factor when choosing where to base your business. If you work in a location that isn’t conducive to your needs, it could be detrimental to your overall business.
Make sure there is enough room to comfortably fit your employees and any visitors who may come by. Another question should be about light. Is there enough natural light? Natural light has been proven to increase productivity; therefore, if possible, try to find an office space with large windows and ample natural light.
What are the facilities like?
The facilities at an office building can make or break a business. Asking about security, trash services, accessibility, and other amenities is important in determining whether you’ll be able to stay there.
Check out what they offer, what their security system is like, and how easy it will be for employees to get in and out of the building safely each day. If possible, have a tour of your prospective space before committing.
There are many factors that go into utility costs including square footage, number of employees, and if any equipment needs to be plugged in but these costs should never be overlooked. Whether you’re paying for utilities as part of your rent or looking at buying them separately, having an idea of what they might cost is critical when considering where to locate your business.
Are there other businesses in this space?
Make sure you aren’t competing with other businesses in your office building. If there are, find out why they opened a business there and how they feel about it. Also, look out for any vacant offices nearby that you could rent. Spacious space isn’t necessary, but make sure that whatever size space you end up renting is big enough for all of your team members.
It can be difficult to grow if you don’t have room to expand! And if possible, don’t lease anything on a long-term basis; having options gives you flexibility. And if things don’t work out, at least it won’t cost you as much money or time to move again.
How much are others paying for their office space?
The next step in shopping for a new office is understanding how much others are paying for theirs. Use rental cost data to get a sense of how much space you should be looking for, what amenities might be standard, and whether there’s room for negotiation on price.
If you can save money by moving into less expensive real estate, that money can go straight into your bottom line or toward making your business more attractive with higher-quality furniture or upgraded technology.
If possible, try negotiating for free rent during your lease term as well. It’ll give you more time to make sure your business idea works before committing to a long-term lease.
Are there any hidden costs involved in renting office space?
In addition to your rent payments, you should ask whether there are any additional costs you will incur, such as cleaning fees. Additionally, if you’re responsible for utilities and phone lines or internet access, consider all of those expenses before signing on. You may also want to find out if any maintenance fees are required.
For example, do repairs come out of your own pocket? Are there security deposits? If so, how much is it? Can you get that money back at a later date? These questions can help ensure that renting office space doesn’t cost more than expected.
What are the future opportunities?
If you are purchasing commercial space, think about future opportunities. Will your company be expanding? Consider what kinds of office spaces will be available as your business grows.
It’s also a good idea to consider whether you want to move from your present location in a few years, as well as consider any upcoming renovations that may disrupt your business. While it is always best to know where you are headed, there is no reason why you should not take advantage of opportunities when they arise.
Take Away
Now that you have got a better understanding of the major aspects you should consider before purchasing office in Bangalore, all you have to do is a little research and ask relevant questions to find the best space for your business venture.