We just hired our fourth employee! (Six total, counting Gill and I). Her name is Jo and she’ll be starting next Monday.
It’s so exciting to be growing, but our office is really starting to creak at the seams. We’re just getting too big for the space and when we add a web designer, we’ll have to move.
Right now we spend Â£500+VAT (17.5%) for rent, which is a fricken bargain. However, we’re technically throwing our money away on rent, instead of investing in property.
We’ve found an amazing office right in the middle of Bath and we’re going to meet with our accountant on Thursday to discuss our options.
You can only get a commerical mortgage for up to 80% of the value of the property (unless your willing to get hammered with a really high interest rate), so we’ve got to come up with a way to secure the 20% deposit. It’s just beyond the cash we can afford, so we’ve got to get creative.
There’s all sorts of clever ways to buy property. I think Gill and I might actually form a Partnership and have it buy the property. Then we’ll rent it to the company which will make selling the property much tax efficient.
However, I could be wrong – after our meeting with Nick (our accountant), we’ll know more!
If anyone has experience buying an office, please feel free to share your experiences. Tips are welcome!