Should You Lease Your Office Furniture? 4 Things To Consider
When you are opening a new office or simply want to upgrade your executive office furniture, it can be difficult financing the purchase. Since furniture is an essential part of having a nice office to meet clients and get work done, it is time to look for some alternatives. One great option is leasing the furniture. You can pay monthly payments for the furniture instead of paying full-price upfront, which is a great benefit all on its own. Here are some things to consider before leasing office furniture.
You Can Get it the Same Day
If you are in a hurry to get new office furniture to impress some new clients, but don't have the money to upgrade everything right now, leasing gives you a great alternative. In most cases, you are able to provide the furniture company with a small deposit, sign the agreement, pick out the furniture, and have it delivered on the same day, or at least within a few short days. Some furniture companies not only deliver it, but also set it up for you.
There Isn't a Long-Term commitment
Another big benefit to leasing office furniture instead of buying it is that there isn't a long-term commitment. You might eventually want to upgrade to more executive-level furniture when your business becomes more successful. If you decide to do that, you can either trade in your current furniture for higher-quality furniture with a new lease, or you can send back the leased furniture at the end of your contract and purchase new furniture.
You Don't Tie Up Your Credit Line
With furniture leasing, you aren't tying up your credit line if you don't have the cash on hand to purchase office furniture. This means you still have your company credit line for other necessary purchases, such as inventory, office supplies, and various other business expenses that may come up. This can be helpful whether you need the furniture for a new business or you are just trying to upgrade your furniture.
There Are Some Drawbacks
While there are many benefits to leasing your office furniture, you should also be aware of the potential drawbacks. First of all, the ending cost of the furniture might end up being more than if you purchased it. You are not only putting down a deposit and paying monthly payments to lease it, but you might also have buyout costs if you decide to keep the furniture. Make sure you are fully aware of all the costs and fees before you sign a leasing contract.
Another thing to consider is that you may be liable for damage to the furniture. Accidents happen, and if they do, you need to find out if you are liable or not. This could mean paying even more for the damaged furniture if you return it at the end of your contract.
If you are looking for a company that sells or leases office furniture, consider one like Senetics.