There are many advantages and disadvantages of leasing and renting office equipment, as opposed to buying it. With as many companies and businesses that are now leasing office space, it is no wonder that they are also leasing the equipment that goes in it. It all comes down to preference when making a decision such as this, as some people would like to put out the money for the long term investment of owning their furniture and equipment, while others have a more temporary approach to things. One of the advantages of leasing or renting office equipment is that there is no lump payment. Buying numerous items to go into your office space can be an expense; therefore, by leasing or renting, you have no lump sum bill at the end. Instead, you can pay small monthly payments that will not rob you and your company of all its money. This will actually enable you to afford better equipment, as you have more money to work with at any given time.
Another advantage is the short term use. If you only need certain pieces of office equipment for a short period of time, buying it in full may be a waste of money. Short term leasing allows you to get full use of your equipment without the hassle of trying to find someone who will buy it after it no longer has a use to your company. Credit is also a great advantage when leasing or renting because it is easier for a business to acquire credit for leasing something than it is for buying something. Even though all of these advantages seem ideal, you still have to look into the disadvantages of leasing equipment for your executive office suit.
The first disadvantage is that you have no ownership of your property. By leasing, you never actually own the equipment you are using, as it remains the property of the company you are leasing from. This can make all the difference because once your lease ends, you must return the item no matter how much money you paid to rent it in the first place. Another downside is that even though you are not the owner of the equipment, you are still responsible for any and all repairs and maintenance of the items. This can add up, especially if you have no use for the item after your lease is up and cannot find someone who will buy it off of you. Lastly, long term cost is a big disadvantage of leasing or renting office equipment. If you are planning to lease a piece of equipment for a couple years, the cost of leasing may actually be higher than the cost of just purchasing it initially. However, if you are only leasing for a short period of time, you will indeed save money.
Choosing to lease or buy is a tricky decision to make, as there are so many factors that play into it. Your overall decision depends primarily on what type of business you have, how long you plan on staying in your current location, and how often you are going to use the equipment. Look into all your options and make your choice today!