Who owns their salon and who rents

[nixnewcastle]

Just an enquiry as I've always said i would love to buy a salon one day and know loads of people rent and have lease holds and was curious to know what the pros and cons of both are and what other geeks do so:

Do you rent or own?

 

[persianista]

I own all mine outright. Luckily I paid for them when the going was good a few years back. Best thing I ever did. No borrowing, no interest payments, the way to get through the tough times!

 

[angelina221]

I rent my salon but to be honest my rent is low. My landlord has kept it the same for years and wont put it up so i'm quite lucky really.

 

[jes]

Renting only allows you to use the space. It gives you no rights to the 'bricks and mortar'.

Leasing allows you certain rights to the bricks and mortar. Which means that, whilst you have the lease, you'll have a business which will have a monetary value that can be sold as a going concern.

Outright ownership is obviously the best, but very expensive.

jes

 

[bombini]

I work from home now but previously rented a room and worked in spas.

Given the choice I would love my own salon but I would also love a bottomless pit to kit it out with, ive never been good at budgeting so would more than likely bankrupt myself before opening the doors :lol:

Working from home suits me as I already had an existing client base from renting a room so had the added benefit of not having to do any advertising for new clients, although to be fair I don't take on new clients so its not really an issue for me. I no longer have to pay £90 per week rent or petrol costs. My income has increased and my expenditure decreased.