A simple warehouse for goods can differ significantly from a production hall, multi-purpose hall, or event hall in terms of requirements. It is precisely these individual requirements on the part of commercial entrepreneurs that answer the question of whether it is better to rent or buy a hall for a new building or an existing property.
Several factors play an important role in the decision-making process: What is the initial financial situation? How quickly does the new hall need to be ready for occupancy? What is the approximate planned service life?
Consider everything in the decision-making process
When weighing up the pros and cons of a new build or an existing property, it is essential to keep your own business needs and goals in mind. Further points to consider are summarized in the following overview.
- The investment in a new building, whether monthly for rent or a one-time purchase, is higher than for an older hall. However, it should be borne in mind that, depending on the condition of the existing building, renovation, refurbishment, or conversion costs can also be significant. In the case of an existing property, a professional assessment is therefore strongly recommended in order to better estimate the realistic total costs.
- Of course, an existing property can be very well maintained and meet the structural and technical requirements almost exactly. However, it is still worth taking a closer look at the lease and the general conditions. What about the possibility of conversion measures if the company grows or changes? If this option is not available, you would have to look for a new hall, which would cost time and money.
- When purchasing a new building, on the other hand, all individual requirements can be taken into account in advance: the building fabric, i.e., lightweight, solid, or prefabricated construction, the exact size including the yard area, the building sections, and any additional stories. And last but not least, the appearance of the hall for the company's external image.
- If the decision is made to purchase a new building, it must be clear that the planning and actual construction phase will take several months: Concept and planning can take two months, the subsequent approval process takes around three months, and the construction itself takes the most time and varies depending on the project, ranging from a short four months to nine months.
Experts can help you make the right choice! Real estate experts can help you decide whether to buy or build, rent or purchase, and also assist you in finding a suitable commercial property. Larbig und Mortag is at your service in the greater Cologne, Bonn, and Leverkusen area and will be happy to advise you. Contact us without obligation – we are here for you!
