Should You Rent or Buy Your Nursery Building
This is an exert from the course ‘Open a nursery in just 6 months with a limited budget’. If you want the full guidance as well the complete steps to opening your own nursery then enrol on the course by clicking here.
Buying Vs Renting
Should you buy or should you rent? This is a very debatable topic.
To put simply, buying is better long term, if you know you can keep up the payments as at the end you will be left with a building that you can sell or rent out. Though, if you wish to have less commitment and less risk then renting is for you.
I have created a table below, to further help you to weigh up which one to choose.
| Buying | Selling | |
| Upfront Costs | Usually have to pay a large deposit (20% of property price). Also, in some areas the costs of buildings make purchasing unrealistic for some | Some landlords ask for a deposit though usually just pay rent a quarter in advance (3 months) |
| Cost of upkeep | When buying you will be responsible for property taxes, insurance, repairs and maintenance | You have less responsibility keeping upkeep costs lower. Though check what your responsibilities are as you may be responsible for everything |
| Flexibility | You have more control over your building and it will be easier to make changes to it | It’s easier to leave, as you can leave at the end of the rental period or earlier if you have a break clause. This is important as you can change location if your area isn’t working out |
| Stability | You can get your payments fixed helping to budget, and as long as you keep up repayments there is less worry about being evicted | Your monthly payments when renting is usually higher than if you had a mortgage and you can be susceptible to rent hikes |
| Other benefits | You benefit if property prices increase. Can gain extra income from renting the building or parts of it | Process of moving is much simpler and quicker Can negotiate rent free periods |
To conclude, if you have enough finances and have researched your area I would always recommend buying your nursery building as in the end you also have a building which is yours.
However, if you are worried about whether your nursery will be successful and or might plan to move location then renting would be better, as it would be easier move to a new building.
If you’re ready to start opening your nursery and want to increase the chances of your nursery being a success and get support whilst doing so, then enrol on the nursery course ‘Open your nursery in just 6 months – without a massive budget‘. Find out more by clicking here. Enrol today and get over 75% the usual course price.
One of the most important aspects of your nursery is the building you choose. The building has to adhere to certain legal and Ofsted requirements, but also it can be a key selling point. Attracting or putting off potential parents.
If you want to know how to find your perfect nursery building then view our previous article here.
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Go From Nursery Worker to Nursery Owner In Just 6 Months
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